Top crypto privacy protocols used for money laundering

Crypto privacy protocols are becoming increasingly prevalent in money laundering, but new research shows a drastic discrepancy in their usage.

According to data from more than 200 on-chain investigations conducted in 2025 and 2026, compiled by the crypto analyst known as WazzCrypto, Tornado Cash emerged as the most frequently identified privacy protocol.

Specifically, Tornado Cash appeared in 107 investigations, putting it well ahead of other privacy-focused protocols. For comparison, Railgun ranked second with just 18 investigations, followed by NEAR Intents with eight.

Tornado Cash becomes the most widely used crypto privacy protocol in money laundering

Looking at the numbers, the gap between Tornado Cash and the rest of the field is immediately apparent. Indeed, Tornado Cash was linked to more than five times as many investigations as the trailing Railgun, while the remaining protocols each appeared in single-digit cases.

For example, WazzCrypto’s ranking also included Wasabi/WabiSabi CoinJoin with seven investigations, followed by CoinJoin with five. Unnamed privacy protocols and Umbra each appeared twice, while Hinkal, SilentSwap, Monero (XMR), and shielded Zcash each featured in one investigation.