Arkham has successfully labeled more than half of Zcash's $420 billion transaction volume, revealing that most activity on the privacy-focused blockchain is not private. The analysis includes tracking ZEC seized by the U.S. government from AlphaBay founder Alexandre Cazes, which has been held for nine years. The findings challenge Zcash's reputation as a fully anonymous cryptocurrency by demonstrating significant transparency in its transaction history. Arkham's labeling efforts have identified major flows across the network, indicating that a substantial portion of ZEC movements can be traced despite the protocol's privacy features.