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Bitget hackers move $4 million into Zcash’s private pool, making funds harder to trace
coindesk.comarticle

Bitget hackers move $4 million into Zcash’s private pool, making funds harder to trace

CoinDesk traces wallets linked to the Sept. 24 Bitget hack ($387.5M stolen) moving 2,746 ZEC (~$3.9M, ~15% of stolen ZEC) into Zcash's Ironwood shielded pool via two intermediary addresses, obscuring sender, recipient and amount once inside the pool. Blockchain investigator ZachXBT first flagged the transfers; separately, other attacker-linked proceeds were previously traced swapping ~$6.3M ether to bitcoin via THORChain despite the exchange's request to block the hacker. The piece illustrates real-world laundering tradecraft (privacy-pool deposits plus cross-chain DEX swaps) and the limits of on-chain tracing once funds enter a shielded pool.

TL;DR Bitget hack proceeds ($3.9M in ZEC) moved into Zcash's Ironwood shielded pool to evade tracing, following earlier THORChain ETH-to-BTC laundering swaps.
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Organisations named here

  • Ironwood shielded pool

Technologies named here

  • Bitget
  • Ironwood
  • Zcash
  • THORChain
  • Ethereum
  • Bitcoin
  • ZachXBT

Techniques named here

  • Use of shielded/privacy pools to obscure transaction trail
  • Cross-chain swapping via intermediary addresses

Threat actors named here

  • Bitget hacker

Also named here

  • Bitget hack

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