Coin Mixer Usage Surges as Users Shift to New Platforms
- The use of coin mixers has reached its highest level since the 2022 Tornado Cash ban.
- Railgun now accounts for 71% of all transaction volume, becoming the leading platform.
- Tornado Cash usage among illicit actors remained high even after the sanctions, with hackers using it in 78% of Ethereum-related incidents.
- Most deposits now come from unlabelled sources, accounting for 95% of all funding to mixers.
The lifting of sanctions against Tornado Cash has led to a significant increase in coin mixer usage, with many users migrating to more compliant platforms like Railgun and Privacy Pools. Despite this shift, a large portion of mixer activity remains linked to illicit activities.
The report highlights that while newer protocols are designed to be less attractive to bad actors, they still rely on external blacklists that can be quickly updated by malicious users before detection becomes impossible. (Source)
