Arkham analysts record record-breaking cryptocurrency transactions worth $ 420 billion

The Arkham analytics platform reported that it was able to track more than half of the transactions in the Zcash cryptocurrency network, including both transparent and private transactions. According to the company, analysts were able to correlate 53% of all transactions with specific users and institutions, covering the movement of assets worth about $ 420 billion. In addition, Arkham has identified the owners of 48% of incoming and outgoing data and marked 37% of all balances in the network, which is approximately $ 2.5 billion.

The platform provided examples related to historical cases of Zcash use. In particular, the US government owns $ 737,000 in ZEC coins confiscated from AlphaBay founder Alexander Kazes eight years ago. Given the current exchange rate, this amount has doubled. Another example is a trader who bought ZEC for $ 4.49 million during the market downturn on October 10, 2025, held the asset for more than five weeks, and sent it to the Gemini exchange. According to Arkham, if he had sold the coins immediately after the transfer, his profit would have exceeded $ 6.6 million.

Now, Arkham users can track transactions, balances, addresses, and related structures in the Zcash network, create custom dashboards, set alerts for large transfers, and analyze activity using the platform’s artificial intelligence tools.

However, Arkham’s statement drew criticism from the Zcash community. Some users believe that the statement about the deanonymization of private transactions is incorrect. Zcash founder Zuko Wilcox-O'Hern emphasized that Arkham analyzes only those addresses whose owners have voluntarily waived their privacy. According to him, it is important not to confuse «disclosure» with the user’s right to decide which data about his or her wallet will be public.

Earlier, the developer of Zcash, Electric Coin Co, presented a roadmap for the fourth quarter aimed at strengthening privacy and implementing multi-signature solutions. In addition, the biotechnology company Leap Therapeutics, which changed its name to Cypherpunk Technologies, invested $ 50 million in ZEC, creating a crypto treasury of more than 203,000 coins. And Grayscale Investments has filed an application with the US Securities and Exchange Commission to convert Zcash Trust into a spot ETF, which, if approved, will be listed on the NYSE Arca exchange.