Cake Wallet chief operating officer Seth for Privacy warned that a single Bitcoin transaction can expose years of discreet activity. According to NS3.AI, he said combining Bitcoin acquired without identity checks with Bitcoin tied to identity checks in one transaction can link previously unconnected coins spent in that transaction to the user's identity.

Seth said Cake Wallet integrated Bitcoin's Lightning Network earlier this year, describing it as a way to make transactions faster, cheaper, and more private than Bitcoin's main chain. He added that he would prefer better privacy for widely used Bitcoin over perfect privacy in a less widely used tool.