Hackers from the Bitget breach have moved $4 million in Zcash to a private pool, complicating efforts to trace the stolen funds.
Hackers responsible for the $387.5 million Bitget breach have transferred approximately $3.9 million in Zcash (ZEC) to the cryptocurrency's private payment system, complicating recovery efforts for the stolen funds.
Significant Transfers to Ironwood Shielded Pool
Transaction analysis indicates that about 15% of the stolen ZEC was moved into Ironwood, Zcash's latest shielded pool, through three transactions on a recent Wednesday morning, occurring between 08:15 and 08:46 UTC.
ZachXBT, a blockchain investigator, highlighted that these funds passed through two intermediary addresses funded by a wallet linked to the attacker, who had previously received nearly 18,917 ZEC during the breach on September 24.
Zcash facilitates both public and private transactions. While the total entering Ironwood can be observed, the specifics of the transfers within the shielded pool remain concealed.
If these funds are later transferred back to a public address, details may become visible again. Investigators could potentially analyze timing and amounts to establish correlations, despite Zcash's lack of a direct transaction trail.
The three deposits into Ironwood represent a notable portion of the stolen ZEC. Other funds have been moved across various blockchains using swap services, with approximately $6.3 million tracked in ether-to-bitcoin swaps via THORChain from a wallet associated with the hacker.
This story is still developing.
