Fee Payments Helped Trace a $103.4 Million Theft Through Zcash

Investigators traced an estimated $103.4 million theft from 530 addresses across seven blockchains by analyzing fee payments and transaction patterns around Zcash’s shielded transfers. One Ethereum wallet paid gas fees for other wallets involved in moving funds, linking their activity. Investigators also matched batches of funds entering and leaving Zcash’s shielded pool. Those matches were analytical inferences: the shielded transfers concealed the sender, amount and recipient. Visible transfers, fee payments and repeated patterns helped connect parts of the route without revealing the contents of Zcash’s protected transactions.

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