Arkham Tracked $420B Worth of Transactions on the Zcash Network

• Arkham has announced the possibility of deanonymizing most Zcash transactions.
• The platform was able to determine the ownership of $420 billion worth of transactions to the respective users.
• The founder of the project stressed that deanonymization depends on the choice of the users themselves.

The Arkham analytics platform reported that it was able to identify more than half of the transactions on the Zcash network, including both the public and private segments of the blockchain.

According to the company, it has correlated 53% of all transactions with specific users and institutions, established the ownership of $420 billion in circulation, identified the owners of 48% of incoming and outgoing data, and marked 37% of all balances — approximately $2.5 billion.

Arkham also recalled a number of other cases related to the Zcash network. For example, the US government is holding $737,000 in Zcash (ZEC) coins confiscated from AlphaBay founder Alexander Kazes eight years ago. The company added that this amount has doubled due to the growth of the exchange rate.

Another example is a trader who bought Zcash (ZEC) for $4.49 million during the market crash on October 10, 2025, held the coins for more than five weeks, and sent them to Gemini.

According to Arkham, if they had sold the assets immediately after depositing them, his profit would have exceeded $6.6 million.

On the platform, users can now track Zcash cryptocurrency (ZEC) transactions, balances, addresses, and related structures, set alerts for large transfers, build custom dashboards, and analyze activity using the platform’s artificial intelligence tools.

Arkham’s announcement caused a wave of criticism in the Zcash community. Claims about the deanonymization of a significant part of private transactions are considered incorrect.

Zcash founder Zooko Wilcox-O’Hearn emphasized that Arkham actually analyzes only those addresses whose owners have already opted out of privacy on their own.

He stated:

As a reminder, Electric Coin Co, the developer of Zcash (ZEC), in early November unveiled a roadmap for Q4 focused on strengthening privacy and improving security, with a focus on temporary addresses and multi-signature solutions.

Also, the biotech company Leap Therapeutics, which has been transformed into Cypherpunk Technologies, has invested $50 million in Zcash coins (ZEC) by creating a crypto treasury (DAT). The company purchased more than 203,000 ZEC with the support of Winklevoss Capital.

In addition, Reliance Global Group, which has also become a DAT, has completely rebalanced its portfolio in favour of Zcash, abandoning bitcoin and Ethereum. The company stated that the coin has a higher potential than “institutionalized” assets.

At the end of November, Grayscale Investments filed an application with the US Securities and Exchange Commission to convert the Zcash Trust into a spot Zcash-ETF. Once approved, the trust will be renamed the Grayscale Zcash Trust ETF and listed on the NYSE Arca.