Bitget Hacker Hides Stolen Funds in Zcash's Ironwood Pool

The hacker behind the $387.5 million Bitget theft has started hiding some of the stolen funds in Zcash's Ironwood pool, a shielded wallet that encrypts transactions.

Around 2,700 ZEC, roughly $3.8 million, was deposited into the Ironwood pool on September 30, according to on-chain investigator ZachXBT.

This is just one-seventh of the total ZEC stolen in the hack, which investigators can still track moving in and out of the pool, but not what happens during the time it's shielded.

Bitget CEO Gracy Chen has pointed to North Korea as the likely culprit behind the attack, with blockchain analytics firm Elliptic also suspecting a link, calling it 'highly likely'.