Two particular protocols account for the highest mixing capacity of the tools analyzed and as a result, make up three-quarters of the cryptocurrency mixed.
Aside from Cyclone, which Elliptic highlights as the highest risk protocol among the six in its report, funds being mixed by these services “largely reflect legitimate DeFi trading activity.” “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.”
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