Crypto Mixing Is Back — And Criminals Adapted Faster Than The Rules Did

Crypto mixer usage has rebounded to near pre-ban levels following the 2022 Tornado Cash sanctions, reaching 32,000 transactions in 2025. Research shows the crackdown primarily deterred legitimate privacy-seeking users while criminals adapted by migrating to alternative platforms and methods.

• →Crypto mixer transactions jumped to 32,000 in 2025 from 16,000 in 2023, recovering after Tornado Cash sanctions were lifted.
• →Railgun now dominates with 71% market share, while Tornado Cash holds 25% and Privacy Pools 5%.
• →Sanctions deterred compliant users more than criminals, who adapted by using cross-chain bridges and decentralized exchanges.
• →95% of mixer funding now comes from unlabeled wallets compared to 76% in 2020, indicating reduced legitimate usage.
• →Transaction timing has shifted to within 24 hours of wallet creation, suggesting users are trying to avoid identification.