Ledger Hack: 6,500+ ETH Traced Through Tornado Cash & Zcash
Independent on-chain investigators traced over 6,558 ETH from the Ledger hack through Tornado Cash into Zcash's shielded pool — double prior estimates — while the hacker's use of Zcash led to near-immediate identification, raising serious questions about the privacy coin.
What we know
An account on X independently re-ran a Tornado Cash + Zcash trace and found 6,558.8 ETH in 7 runs — double what had previously been traced — with 113 swaps into Tornado and 219 exits matched back out of Zcash's shielded pool. This prompted another account on X to declare $ZEC is 'going back to double digits' and call Zcash a 'Mossad honey pot' after the hacker was identified almost immediately upon using it. On the hardware side, another account on X reports checking Ledgers bought from Dutch retailer Coolblue in 2024/25 and finding no tampering, but calls for Ledger to recall all unsold devices from resellers. Another account on X goes further with a conspiracy theory that Ledgers were intentionally designed to be compromised. Security OPSEC advice circulated too, with another account on X urging traders not to post big PnLs or real-time travel content.
How the story developed
Independent on-chain investigators traced over 6,558 ETH from the Ledger hack through Tornado Cash into Zcash's shielded pool — double prior estimates — while the hacker's use of Zcash led to near-immediate identification, raising serious questions about the privacy coin.
The hacker behind the Ledger exploit used Zcash in an attempt to obscure funds but is reportedly being traced, sparking debate about whether ZCash's privacy guarantees actually hold in practice.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.