Of the 9 withdrawals from the crypto vault, 7 were returned in the exact same amount as originally deposited. @primus_labs In Primus’s Confidential Finance, eUSDT balances are stored encrypted on the BNB Chain; when querying total supply, a cryptographic handle is returned instead of the actual number. However, over the past 31 hours, 7 out of 9 withdrawal transactions returned the exact same amount that had been previously deposited into the same wallet—and this amount was publicly readable. This analysis is based on direct aggregation of eU/eUSDT contract logs from November 6, 11:22 UTC to November 7, 18:06 UTC. - There were 17 Shield transactions (converting standard stablecoins into encrypted assets), involving 15 unique wallets. - Of the 9 Unshield transactions (converting encrypted assets back to standard tokens), 7 returned the identical amount—down to the sixth decimal place—to the same wallet that originally deposited it. The time between deposit and withdrawal ranged from as little as 60 seconds to as long as 20 hours and 35 minutes. - Of the 8 Send transactions between users, only cryptographic handles—not amounts—appeared in the logs. All 8 involved two wallets exchanging funds in opposite directions within one minute, but it is unknown whether the same amounts were returned. - Staking deposit batches were executed approximately every 8 hours: around 03:40, 11:40, and 19:40 UTC. - Total collateral is publicly visible: as of November 7 at 18:00 UTC, the eU contract held 5,412.49 U and the eUSDT contract held 9,246.89 USDT. FHE encrypts balances and transfer amounts inside the vault. But the vault’s entrance and exit are different. Shielding is a transaction moving public tokens into the contract, so the amount remains visible; Unshielding records the decrypted amount as a standard token transfer. When the same wallet deposits and withdraws the same amount, external observers can link these two transactions as a single user’s deposit and withdrawal. The more varied the deposit and withdrawal amounts are, and the more intermediary transactions occur between them, the harder it becomes to make such connections. With only 17 Shield transactions over 31 hours, there are currently few transactions to mix with—this sample likely includes many early users testing the functionality. Primus emphasizes verification alongside privacy. By using zkTLS to prove exchange API responses, account details can be hidden while only revealing balance figures. The Primus Proof of Reserve dashboard last verified on November 7 at 16:10 UTC that Unitas USDu’s supply was approximately $47.78 million, reserves were approximately $50.53 million, and the collateralization ratio stood at 1.0575. For institutions adopting on-chain finance, individual positions must remain private, while total amounts and reserves must be publicly verifiable. The disclosed collateral balances and USDu reserve proofs satisfy the second condition; the first condition depends on how well encrypted vault balances and deposit/withdrawal records are decoupled from each other. This linkage is revealed through three key metrics: 1. Daily number of Shield transactions and their amount distribution 2. Proportion of Unshield transactions returning identical amounts to the same wallet 3. USDT collateral balance held by the eUSDT contract #ConfidentialFinance #zkTLS