There are still 6 similar cryptocurrency mixers in the Ethereum ecosystem: RAILGUN, Buccaneer V3, White Ethereum, 0xTIP, Messier 87 Black Hole and Cyclone Protocol
https://www.elliptic.co/hubfs/tornado-cash-alternatives.pdf"Elliptic’s internal analysis identifies Cyclone Protocol as the highest risk amongst the Tornado
Cash alternatives active today. Its high transaction limits, the relatively large liquidity of its
mixing pools and its ability to mix the token of a sanctioned entity (TORN) makes it a cause
for concern. It’s confirmed use to launder at least some proceeds of DeFi exploits, the large
amount of funds it has since processed and the apparent absence of its developer team to
address concerns only strengthen these risks.
Also scored “medium-high” is Buccaneer V3, which has not addressed any AML concerns
throughout its development. BV3 is unique to the other protocols as it takes the form of a
token, rather than a service. A main mitigating factor of BV3, however, is that it claims to utilize
technology that is currently being tested. Whether it lives up to the features and capabilities it
has promised remains to be seen – with several rival obfuscation protocols casting doubt that
it can.
The remaining protocols all have mitigating factors arguably significant enough to ward
off large-scale illicit use. RAILGUN, while popular, generates compliance reports and has a
partially doxxed development team, meaning that it will likely comply with any investigations.
Its technology has also been scrutinized by rivals. Messier 87, meanwhile, has actively stated
that it will comply with subpoenas and provide such reports to authorities. Finally, White
Ethereum and 0xTIP struggle with low mixing limits and low liquidity pools respectively, making
them unviable replacements for Tornado Cash-level obfuscation at present.
Elliptic will continue to monitor the post-Tornado obfuscation industry across Ethereum Virtual
Machine (EVM)-compatible chains and update both virtual asset businesses and investigators
when new risks emerge. To keep ahead of these risks and receive updates from Elliptic’s
Research & Investigation Team, sign up to Elliptic Connect and stay updated with our weekly
newsletter."
elliptic.co (C)