- Analysts Arkham Intelligence has proven that claims of complete confidentiality Zcash not true.
- They pooled public data and identified organizations and specific users.
Blockchain analytics company Arkham Intelligence has published research, according to which more than 53% of all transactions Zcash Approximately $420 million of this amount can be associated with specific individuals and organizations. The study, published in December 2025, predictably sparked a debate about real-world privacy. Zcash.
Arkham’s tracking system captured 48% of all incoming and outgoing transactions and linked 37% of the total ZEC supply, worth approximately $2,5 billion, to specific entities. Furthermore, the company’s specialists were unable to crack the cryptography. ZcashThey combined subject clustering, exchange data, known government seizures, and transparent address analysis to identify specific users.
The key difference Zcash The system involves transparent and secure transactions, with privacy being optional. Users choose between T-addresses, which are fully visible on the public ledger, and Z-addresses, which use zero-knowledge proofs to protect the sender, recipient, and amount.
Analysts emphasized that confidentiality Zcash depends on the user’s choice of address and transaction type.
Confidentiality guarantees Zcash still exist. Transactions between two z-addresses remain cryptographically opaque. The degree of your privacy depends on how you use Zcash, the researchers noted.
Founder Zcash Zuko Wilcox wrote, that “Arkham did not deanonymize any ZEC stored in the secure pool.” Tracking such transactions would be “impossible because there is simply no information about them.”
As of December 2025, less than a quarter of all ZEC in circulation was in a secure pool. Most transactions are handled through transparent addresses, especially on centralized exchanges that exclusively use T-addresses.
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