Tornado Cash Mentioned in 107 Investigations, Not Scale of Processing

Tornado Cash has been mentioned in 107 out of over 200 on-chain money laundering investigations projected for 2025-2026. This number reflects the frequency of its name appearing in investigation cases, not the scale of illegal fund processing. Pineboard reported on the exposure frequency of money laundering investigations by privacy protocols based on WazzCrypto's aggregation on the 4th. Railgun followed with 18 mentions, while NEAR Intents had 8. Wasabi/WabiSabi CoinJoin was mentioned 7 times, CoinJoin 5 times, and Umbra along with an unnamed privacy protocol each had 2 mentions. Hinkal, SilentSwap, Monero (XMR), and shielded Zcash each had 1 mention. The same protocol may appear in multiple investigations, and protocols that appeared less frequently may be linked to larger amounts. Therefore, this aggregation cannot be interpreted as indicating that Tornado Cash is overwhelmingly involved in illegal fund processing. The U.S. Treasury stated in August 2022 that Tornado Cash had been used for over $7 billion in virtual asset laundering since 2019. The FBI has alleged that in 2023, the co-founders of Tornado Cash assisted in the movement of over $1 billion in virtual assets for criminal actors. This aggregation does not conclude anything about the privacy technology itself but shows which designs are repeatedly exposed in the field of investigation.

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