TREE NEWS reports: The attacker behind the Ledger supply-chain theft moved nearly 3,000 ETH through Tornado Cash in three transactions and into Zcash’s privacy pool, converting the funds to USDC. Investigators tracked 108 Zcash transactions via exact-value matching, with about $2.85M in stolen USDC still in three wallets. Tether has frozen $10M in stolen USDT, while attacker-linked wallets still hold $38.6M in ETH and $16.9M in BTC.
Ledger Attacker Moves Nearly 3,000 ETH via Tornado Cash and Zcash
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AI take
The attacker's route through Tornado Cash and Zcash shows how privacy tooling complicates recovery even when investigators can trace flows, and the split between frozen stablecoins and untouched ETH and BTC exposes the limits of issuer-level intervention. The remaining balances matter most: they sit in assets no central party can freeze, so the practical question is whether exchanges and bridges flag the linked wallets before any conversion attempt. Whether the Zcash trail stays traceable as funds move again is the open question.
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