Arkham Unveils Over Half of Zcash Transactions

Arkham Intelligence tracks over half of Zcash transactions, linking them to known entities.

The analytical platform Arkham Intelligence has implemented tracking of on-chain activity in the privacy-focused cryptocurrency Zcash (ZEC).

ZCASH IS LIVE ON ARKHAM

Arkham has now labeled more than half of the privacy chain Zcash’s shielded and unshielded transactions. This accounts for $420B of volume tagged to known individuals and institutions.

Track $ZEC transactions, entities and balances on Arkham. Here’s what… pic.twitter.com/TOVJtr7kbl

— Arkham (@arkham) December 8, 2025

According to the statement, the service has already linked more than 53% of all transactions—both open and private—to known individuals and organizations. Over 48% of inputs and outputs have been associated with some entity.

The total value of tagged operations has exceeded $420 billion.

Data from the analytical platform indicates that one of the largest holders of the privacy-focused coin is the U.S. government. In 2018, authorities confiscated ZEC worth approximately $737,000 from AlphaBay darknet market founder Alexandre Cazes. Over the years, the value of these assets has roughly doubled.

Zcash creator Zooko Wilcox partially refuted Arkham analysts’ claims. According to the programmer, the platform did not deanonymize “any ZEC” held in shielded pools.

This is cool.

(No, Arkham didn’t actually deanonymize any ZEC that was held at rest in the shielded pool. That would be impossible because the information just isn’t there. They’re just tracking wallets that opted into public transparency.)

But the resulting data is cool. https://t.co/gvCDwzamYM

— zooko🛡🦓🦓🦓 ⓩ (@zooko) December 8, 2025

“That would be impossible because the information just isn’t there. They’re just tracking wallets that opted into public transparency. But the resulting data is cool,” Wilcox added.

In 2025, Zcash led a rally among privacy cryptocurrencies. Since October, the coin’s prices soared by 1500%, peaking in November at over $720. The asset’s market capitalization surpassed $11 billion, overtaking the long-standing sector leader Monero (XMR).

By December, the ZEC rate had significantly declined. A crypto enthusiast known as Crypto Bitlord described the recent price surge as “the most successful Pump & Dump in cryptocurrency history.”

Arkham analysts noted that one trader acquired ZEC worth $4.49 million during the October market crash. Five and a half weeks later, he transferred the coins to the Gemini exchange. If sold at that time, his net profit could have been $6.6 million—exceeding the initial investment.

Track Top Zcash Traders

This trader acquired $4.49M of Zcash during the 10th October market crash, then waited 5 and a half weeks before sending the coins to Gemini.

If he sold the coins when he deposited them, he netted a profit of $6.6M — more than his entire principal… pic.twitter.com/qOcjqiC70N

— Arkham (@arkham) December 8, 2025

The impressive dynamics of ZEC sparked a confrontation within the community between Bitcoin maximalists and proponents of privacy cryptocurrencies.