Bitget Hackers Hide $3.9M in Zcash through Ironwood
The recent Bitget security incident has taken another twist as hackers have laundered a significant portion of the stolen Zcash through Ironwood, a confidential transaction system. Approximately $3.9 million in ZEC was transferred into Ironwood across three separate transactions within a 31-minute window on Wednesday morning UTC.
The movement occurred after hackers exploited the Bitget platform, stealing an estimated $387.5 million worth of cryptocurrency. The compromised funds represent about 15% of the total ZEC holdings taken during the September 24 breach.
Ironwood's privacy features completely obscure sender identities, receiver information, and transaction values within the pool. This makes it challenging for recovery specialists to track the assets' movement.
ZachXBT, an on-chain investigator, initially identified these transfers during his monitoring activities. He noted that the cryptocurrency flowed through two intermediary addresses before reaching the shielded pool.