Chainalysis Can Now Track Privacy Coins Dash And Zcash

According to a new announcement, Chainalysis can now track the privacy coins Zcash and Dash – in something that they call the ‘privacy coin’ bluff. Furthermore, the company called Dash a ‘privacy coin’ which is a ‘misnomer.’

The entire announcement in the cryptonews came on June 8, when Chainalysis announced support for the ZEC and DASH coins, making it easy for law enforcement officials to track them. The company also claims that it can now trace the vast majority of Zcash and Dash transactions because of the fact that most users do not use privacy-enhancing features.
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When it comes to Dash, Chainalysis can now track it entirely and the company said that calling this digital asset ‘privacy coin’ is a misnomer. The entire statement reads:

“In fact, independent wallet softwares provide more advanced forms of CoinJoin that are being used with major cryptocurrencies not labeled as privacy coins, such as Bitcoin, Bitcoin Cash, and Litecoin.”

A statement to one cryptocurrency media outlet in the Dash news shows the CEO of the Dash Core Group group, Ryan Taylor, with a full response to this comment, stating:

“Dash offers users the option of privacy-enhanced transactions because user safety is important for mainstream adoption of cryptocurrency, and it is there for end users that value that functionality. At the same time, Chainalysis is a leading provider of advanced AML and blockchain analytics that is necessary for money services businesses needing to balance privacy needs with compliance needs. Ultimately, both promote the safe use of cryptocurrencies, while ensuring access to legacy financial markets, so I’m pleased that Chainalysis has chosen to implement Dash into their platform.”

While Chainalysis can track coins like Dash and Zcash, privacy coins are now faced with a dilemma that in simplified terms means – comply or die from government suffocation.

If we go back to the Monero news before, we can see that several exchanges delisted the XMR token and it is understandable that the governments around the world want to have greater transparency into cryptocurrencies, which can be used for illicit purposes.

Now, Dash looks less like one of these tools. Similarly, the Zcash cryptocurrency employs zk-SNARKs, which in theory should be able to enable maximum privacy for the users. However, Chainalysis claims that only 0.9% of the ZEC transactions are fully protected:

“So even though the obfuscation on Zcash is stronger due to the zk-SNARK encryption, Chainalysis can still provide the transaction value and at least one address for over 99% of ZEC activity.”