Coin Mixers Recovering As Users Shift to New Platforms: Cambridge University

In brief

• Researchers from the Cambridge Centre for Alternative Finance have found that the use of coin mixers rose significantly last year, following the lifting of sanctions against Tornado Cash.
• Data indicate that most users have migrated to new mixing protocols, with Railgun now accounting for 71% of all transaction volume.
• The available metrics suggest that a significant proportion of mixer usage remains illicit, and that Tornado Cash usage remained high amongst bad actors even after the 2022 ban.