{"ID":2857612,"CreatedAt":"2026-06-01T04:54:23.091178241Z","UpdatedAt":"2026-06-01T04:54:23.091178241Z","DeletedAt":null,"paper_url":"https://arxiv.org/abs/2510.09433","arxiv_id":"2510.09433","title":"Clustering Deposit and Withdrawal Activity in Tornado Cash: A Cross-Chain Analysis","abstract":"Tornado Cash is a decentralised mixer that uses cryptographic techniques to sever the on-chain trail between depositors and withdrawers. In practice, however, its anonymity can be undermined by user behaviour and operational quirks. We conduct the first cross-chain empirical study of Tornado Cash activity on Ethereum, BNB Smart Chain, and Polygon, introducing three clustering heuristics-(i) address-reuse, (ii) transactional-linkage, and (iii) a novel first-in-first-out (FIFO) temporal-matching rule. Together, these heuristics reconnect deposits to withdrawals and deanonymise a substantial share of recipients. Our analysis shows that 5.1 - 12.6% of withdrawals can already be traced to their originating deposits through address reuse and transactional linkage heuristics. Adding our novel First-In-First-Out (FIFO) temporal-matching heuristic lifts the linkage rate by a further 15 - 22 percentage points. Statistical tests confirm that these FIFO matches are highly unlikely to occur by chance. Comparable leakage across Ethereum, BNB Smart Chain, and Polygon indicates chain-agnostic user misbehaviour, rather than chain-specific protocol flaws. These results expose how quickly cryptographic guarantees can unravel in everyday use, underscoring the need for both disciplined user behaviour and privacy-aware protocol design. In total, our heuristics link over $2.3 billion in Tornado Cash withdrawals to identifiable deposits, exposing significant cracks in practical anonymity.","short_abstract":"Tornado Cash is a decentralised mixer that uses cryptographic techniques to sever the on-chain trail between depositors and withdrawers. In practice, however, its anonymity can be undermined by user behaviour and operational quirks. We conduct the first cross-chain empirical study of Tornado Cash activity on Ethereum,...","url_abs":"https://arxiv.org/abs/2510.09433","url_pdf":"https://arxiv.org/pdf/2510.09433v3","authors":"[\"Raffaele Cristodaro\",\"Benjamin Kraner\",\"Claudio J. Tessone\"]","published":"2025-10-10T14:42:24Z","proceeding":"cs.CR","tasks":"[\"cs.CR\",\"cs.ET\"]","methods":"[]","has_code":false}