04 — TRACKING - explorer, mempool, pools, flows

Where the value went

One day, reconstructed from the chain: the largest unshielding of the cycle, the round trip inside it, and what actually reached an exchange as against what was reported to have. Every line below is a transaction anyone can fetch. The full case file, with its labelling apparatus and its refusals, is on the Record.
what a query can return
t-address
exact balance, history, counterparties, boundary events
z or unified address
undefined not on chain - exact with your viewing key
txid
public fields candidate sets, N_eff, links
labels
consensus > owner filing > exchange > analyst > behaviour
A

The 2 January 2026 unshielding

9 movements - verified on chain - last checked 2026-08-22
2 January 2026 - the largest unshielding day of the cycle - 276,077.739 ZEC, verified on chain
2025-12-24 19:32:46t1PKBiv7mtzD9bNafYaqyxaENeiNDbpKxxQ to t1XKfbZYsdxR5HSnP25ee5VaAxgCNUtFkFK - Withdrawal from the hot wallet to a freshly created address. Input 120,552.69 ZEC in, 29,999.99 out, 90,552.70 change back to itself: textbook exchange-withdrawal mechanics.29,999.99
2025-12-25 06:20:32t1PKBiv7mtzD9bNafYaqyxaENeiNDbpKxxQ to t1XKfbZYsdxR5HSnP25ee5VaAxgCNUtFkFK - Second withdrawal to the same address. Not separately reported in the press.1,999.99
2025-12-25 06:22:23t1PKBiv7mtzD9bNafYaqyxaENeiNDbpKxxQ to t1XKfbZYsdxR5HSnP25ee5VaAxgCNUtFkFK - Third withdrawal, bringing the total to 49,999.97 ZEC. The press reported only the first 30,000.17,999.99
2026-01-02 15:45:14 - 3,190,907shielded pool to t1gGCYpyURMo2FcYDSqeR8pgp2Kx9rnT72V - The single largest unshielding of the period, from a transaction with zero transparent inputs. It did not go to an exchange: the address has never spent and still holds exactly this balance.202,076.207
2026-01-02 18:01:43 - 3,191,017t1XKfbZYsdxR5HSnP25ee5VaAxgCNUtFkFK to shielded pool - The fresh address spends all four of its UTXOs into a transaction with zero transparent outputs, shielding its entire balance, and never appears again.50,000.96
2026-01-02 18:53:18 - 3,191,051shielded pool to t1dP1MJwfYr9z7EwWxSpefP6s2p7ewaKx9e - Fifty-two minutes later, a transaction with zero transparent inputs creates a single output 0.4059 ZEC smaller. The alignment is four-fold and the link is unprovable by design.50,000.5541
2026-01-02 19:31:34 - 3,191,091shielded pool to t1U1NE8w5KRwnxCZAaxVidW6MchFky97m4V - Second unshielding tranche. Its origin inside the pool is unknown.24,000.9781
2026-01-02 20:35:38 - 3,191,134t1Ym8XWvN2joxENB2Nc4TVg1M9PxKfWshc5 to t1PKBiv7mtzD9bNafYaqyxaENeiNDbpKxxQ - Both tranches consolidated and sent to the hot wallet. The press reported 74,002 ZEC and dated it 3 or 5 January; on-chain it is the 2nd.74,001.9317
2026-01-02 22:36:40roughly twenty small addresses to t1PKBiv7mtzD9bNafYaqyxaENeiNDbpKxxQ - A classic many-to-one deposit sweep, which supports the hot-wallet reading independently of any third-party label.1,293.9321
reached the exchange wallet
74,001.93 ZEC - 26.8 percent of the day
still parked, unmoved
202,076.21 ZEC - 73.2 percent - one address, never spent since
net new inflow after the round trip
at most about 24,001 ZEC, if the 50,000 that left the same wallet eight days earlier is what came back - a MEDIUM link, not a proven one
press said
"over 200,000 in the first week", and "74,002 to Binance on 3 to 5 January"

Verdict. 276,077.739 ZEC left the shielded pool on 2 January 2026, about 1.63 percent of the then-circulating supply and higher than the figure the press reported, which counted only the largest tranche. 74,001.93 ZEC reached a major exchange hot wallet. Roughly 50,000 of that plausibly originated from the same wallet eight days earlier, which would make the widely-reported whale deposit at most about 24,000 ZEC of genuinely new inflow. Zcash's design means the shield and the unshield cannot be proven to be the same coins, and nothing here establishes who owns any address or that anything was sold. high

what is documented about institutions
Grayscale Zcash Trust
388,673.68 ZEC at 30 Jun 2026 - custodian Coinbase Custody - 10-Q
in-kind sponsor fee
4,848.65 ZEC withdrawn in H1 2026, about 9,700 a year - resale undisclosed
Cypherpunk Technologies
323,394.38 ZEC - custodian Gemini, per its own 10-Q, not Coinbase Prime
ZIP 271 lockbox
78,183.41 ZEC - 99.28 percent untouched - spends shielded by mandate
Silbert and DCG
148 Form 144s, all of them ZCSH shares on OTCQX - zero ZEC on chain
Arthur Hayes
exit self-disclosed - venue, size and on-chain footprint all unknown
not supported - kept off the record

No Arkham ZEC entity label was found for Coinbase Prime, Coinbase Custody, Grayscale, Cypherpunk or DCG on any ZEC address. No report of ZEC moving to Coinbase Prime was found across Whale Alert, Lookonchain, Arkham, Spot On Chain, EmberCN and PeckShield. Zcash is absent from Whale Alert's published supported-chain list, and no usable exchange-reserve series was found for it. The rich list's third entry, 386,846 ZEC, is close to Grayscale's 388,674 and its fourth, 341,937, is close to Cypherpunk's 323,394 - both custodians run omnibus wallets, and proximity is not identification. The insider-selling allegations in circulation cite no addresses, no transactions and no supply audit.

B

The full case file

the Record, not the Instrument

This page is a summary of one day. The Record's flows page carries the rest: the address-label registry with every labeller and its precedence, the rich list with its unbound chip on every row, the allegations table with what each one cites and what it does not, and the quarantine of claims that could not be published as fact. Nothing here restates any of it, because a figure written down twice is a figure that will eventually be corrected once - which is what happened to a Form 144 in HANDOFF-03 and is now a rule in CLAUDE.md.