Key Takeaways:
- In a 20-hour period, a wallet transferred 1,670 ETH valued at around $3.73 million from Tornado Cash to Hyperliquid.
- The ETH was exchanged for 2,959 ZEC, worth approximately $3.73 million at the time of the acquisition.
- Lookonchain noted the transaction, while Arkham noted the ETH-to-ZEC activity.
According to Lookonchain, an onchain wallet turned around about $3.73 million of Ethereum from Tornado Cash to Hyperliquid and then cashed it out for Zcash. This activity compares 1,670 ETH and 2,959 ZEC have been bought in 20 hours.
This is an interesting transaction as the wallet is more than just a tool to transfer funds between platforms. Rather, it sold a good amount of ETH and made use of the proceeds to construct its collections of ZEC.
1,670 ETH Deposited and Sold on Hyperliquid
Over the last 20 hours, 1,670 ETH valued at around $3.73 million has been staked on Hyperliquid using Tornado Cash, says Lookonchain in a post on X. The money was then used to buy ZEC. Lookonchain reported that it acquired the total sum of 2,959 ZEC which translates to the equivalent of around $3.73 million.
It appears the hacker is selling ETH to buy ZEC!
Over the past 20 hours, 1,670 $ETH ($3.73M) from #TornadoCash was deposited into Hyperliquid and sold to buy 2,959 $ZEC ($3.73M).
https://t.co/XDlBb5fGSv https://t.co/y2lW20A6bn
— Lookonchain (@lookonchain) November 8, 2026
These are direct Ethereum-to-Zcash conversions. Instead of withdrawing ETH from the mixer and storing it in the wallet, the wallet has handled the funds on Hyperliquid to swap them for another cryptocurrency.
The corresponding number of 1670 ETH was transferred from Tornado Cash, and 2959 ZEC was then purchased via the respective trades that are reported.
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Arkham Tracks the ETH-to-ZEC Activity
Lookonchain also shared an Arkham entity link associated with the activity, labeled ETH-to-ZEC. The tracking page provides an additional reference for examining the wallet’s onchain movements.
Another Arkham entity link pertaining to the activity is ETH-to-ZEC which it was also looking at. The tracking pages are additional references to analyse the onchain tracking of the wallet.
The price of around $3.73 million on both sides of the trade is stated by Lookonchain. As stated, these are reported transaction values and not intended to be an indication that the wallet still contains the same amount of ZEC.
The use of Tornado Cash is also pertinent information to be traced but is not enough to conclude the staking of the assets or even determine who is the owner of the wallet.
ZEC Becomes the Destination for the $3.73M ETH Sale
The big change is that the wallet gave away 1670 ETH and exchanged for 2959 ZEC in the 20-intraday trading period. This isn’t just a simple transfer between wallets, but a substantial conversion from ETH to ZEC.
It was a fraud where hackers sell some ETH coins to acquire some ZEC by virtue of their activities, Lookonchain said. The transaction information, however, only confirms the movement and reported swap, not who owns the wallet or what the origin of the funds are apart from the connection to Tornado Cash.
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