Bitget Hackers Move Stolen Funds into Zcash's Private Pool

A recent hack on Bitget has resulted in the theft of $387.5 million in cryptocurrency, with some of the stolen funds being moved into Zcash's private payment system.

The hackers moved approximately $3.9 million in zcash ($ZEC) into Ironwood, Zcash's newest shielded pool, through three transfers between 08:15 and 08:46 UTC on Wednesday.

Pseudonymous blockchain investigator ZachXBT first flagged the movements earlier Wednesday, noting that the money came through two intermediary addresses funded by a wallet that Bitget identified as belonging to the attacker. This wallet received nearly 18,917 $ZEC during the Sept. 24 breach.

Zcash's shielded pool is designed to make transfers inside the system opaque, with investigators unable to see sender, recipient or amount. However, if funds later return to a public address, the amount leaving the pool becomes visible again.