Elliptic Analyzes Risks of Crypto Mixing Services
Elliptic has analyzed six popular Ethereum-based crypto mixers considered as potential alternatives to the US-sanctioned Tornado Cash.
The review includes RAILGUN, Buccaneer V3, White Ethereum, 0xTIP, Messier 87 Black Hole and Cyclone Protocol services.
According to the company analysts, the protocols under investigation have combined processed more than $41.5 million worth of transactions, which is 0.6% of Tornado Cash mixed funds.
Of these, $40,000 (0.1%) was received as a result of theft in the DeFi segment. This amount includes $37,000 of the $270,000 stolen in the June attack on the xWIN Finance protocol. Another $100,000 came directly from Tornado Cash, a small part of which was sent after the imposition of sanctions.
According to the company experts:
“Current figures indicate little use of the services in question for criminal purposes at this stage.”
