Crypto: Bitget hackers use Zcash to obscure their tracks

Hackers linked to the Bitget crypto hack are changing methods. After the failure of an attempt to launder more than 50 million dollars via NEAR Intents, they sent about 2,746 ZEC, nearly 3.9 million dollars, into the protected Ironwood pool of Zcash. Once the funds enter this system, tracking them becomes much more difficult.

In Brief

Zcash becomes a new route for stolen cryptos

Three transactions were enough. About 2,746 ZEC were sent into Ironwood, the protected Zcash pool. This amount represents nearly 15% of the 18,917 ZEC stolen during the attack on the Bitget crypto platform. The move took place a few days after the Bitget hack, now estimated at 387.5 million dollars.

Zcash allows protected crypto transactions where the sender, recipient, and amount can be hidden. Deposits to Ironwood remain visible on the blockchain, but movements made thereafter inside the pool are much more difficult to link to the original funds.

This does not necessarily make the assets impossible to find. Investigators can still analyze timings, amounts, or future outputs to public addresses.