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Same transfer.
Two receipts.

Drag the divider. Left is what a normal Ethereum transfer tells the world. Right is what a private send tells it.

Private send · Shroud
████
From
Hidden
To
Hidden
Sender balance
Hidden
Record
Proof ✓

Valid, final, and none of your business.

Public transfer · Ethereum
2.5000
From
0x8ad2…9b3e
To
0x51f0…c2d4
Sender balance
18.4021 ETH
Record
Forever

Anyone can follow this wallet from here.

Drag ↔

This compares a private send inside the pool. Deposits, withdrawals and the pool’s swaps are still public. See the boundary