Key Highlights
- On-chain investigator Specter said funds linked to the Bitget, Cryptobills Ledger and Triple-A incidents had flowed into Zcash (ZEC).
- ZachXBT reported that wallets linked to the Bitget exploit transferred approximately 2,700 ZEC, worth $3.8 million at the time, into the Ironwood pool.
- The September 24 Bitget hot wallet incident involved approximately $28.3 million in stolen assets, according to ZachXBT.
On-chain investigator Specter has linked funds from several reported cryptocurrency thefts to transfers into Zcash (ZEC), including incidents involving Bitget, Cryptobills Ledger and Triple-A.
In an October 17 post on X, Specter identified the three incidents as cases involving funds that had moved into ZEC.
The post followed an earlier investigation by blockchain investigator ZachXBT, who reported that funds linked to the Bitget attack had been transferred into the Ironwood pool.
ZachXBT tracks Bitget exploit funds into Zcash
In a September 30 post on Telegram, ZachXBT reported that wallets allegedly linked to North Korean attackers had transferred approximately 2,700 ZEC, worth about $3.8 million at the time, into the Ironwood pool.
The transfers followed the September 24 theft from Bitget’s hot wallet, which ZachXBT estimated involved approximately $28.3 million in stolen assets.
ZachXBT shared three transaction identifiers associated with deposits into the Ironwood pool and identified a source address linked to the reported theft. The transaction references identify deposits associated with the incident but do not establish the final destination of the funds.
Specter links Zcash transfers to other crypto incidents
Specter’s October 17 post pointed to additional cases involving funds allegedly connected to the Cryptobills Ledger incident and the $12 million Triple-A hack.
Specter did not provide transaction identifiers or amounts for these two cases, leaving the scale of the reported transfers unclear.
BeaconDesk highlights reported Zcash transfers
Crypto news account BeaconDesk highlighted the reported activity in an October 17 post on X, referring to the Bitget, Ledger and Triple-A incidents.
In a reply, BeaconDesk clarified that the claims were based on reports from on-chain investigators and had not been fully confirmed.
Replies to the post differed on whether investigators could continue tracing the funds. Some users said the transfers remained trackable, while others raised concerns about privacy-focused assets being used to move stolen cryptocurrency. These comments do not establish the traceability of the specific funds.
Earlier investigation flagged potential $85M CodexField rug pull
On July 10, Specter had flagged CodexField, a project on BNB Chain, as a potential $85 million rug pull.
According to the report, CodexField had raised more than $85 million from users before the investigation drew attention to the project. The report also said the project changed its social media handle and took its deposit pages offline after being questioned.
The available information does not link the CodexField allegations to the Bitget, Cryptobills Ledger or Triple-A incidents.
The reported transfers identify potential routes used to move assets linked to the incidents. The total amount transferred into ZEC, the funds’ final destinations and any recovery remain unconfirmed.
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