The privacy myth of Zcash is being debunked: many ZEC transactions can still be tracked on-chain. The key lies in the fact that Zcash has both transparent addresses and shielded addresses, and only z→z transactions can achieve full privacy. However, in reality, a large number of users, exchanges, and institutions still default to using transparent addresses, which allows on-chain analytics platforms like Arkham to link over $420 billion in transaction volume to known entities. Zcash's privacy capabilities do exist, but ultimately, it depends on how users utilize it.