Zcash privacy tested as Arkham tracks 53% of ZEC
Zcash privacy claims faced a direct challenge after Arkham Intelligence linked 53% of ZEC transactions to identified entities.Arkham Intelligence labeled over 53% of all Zcash transactions and linked $420 billion in ZEC volume to identifiable individuals and institutions.The tracking covers 48% of all transaction inputs and outputs and 37% of total ZEC balances, approximately $2.5 billion, per Arkhams published research.Zcash founder Zooko Wilcox clarified that fully shielded-to-shielded transactions remain cryptographically protected and that Arkham cannot access the shielded pool. Blockchain analytics firm Arkham Intelligence published research revealing it had labeled more than 53% of all Zcash transactions, attributing approximately $420 billion in ZEC volume to identifiable individuals and institutions. The research, published in December 2025, triggered immediate debate about the true extent of Zcashs opt-in privacy model. Arkham‘s tracking covers 48% of all transaction inputs and outputs and links 37% of total ZEC balances, approximately $2.5 billion, to named entities. The firm did not crack Zcash’s cryptography. It combined entity clustering, exchange data, known government seizures, and transparent address analysis to attribute activity to real-world actors. How to Track ZCash Transactions Zcash is a privacy-focused cryptocurrency built on Bitcoins codebase, using zk-SNARKs to hide transaction data on-chain. The critical distinction is between transparent and shielded









