ChangeNOW and CoinRabbit have jointly published a research report titled "Financial Privacy in the Digital Age," arguing that regulatory efforts should focus on fiat off-ramps rather than restricting on-chain privacy tools. The report draws on data from TRM Labs, Chainalysis, the RAND Corporation, UNODC, Statista, and U.S. Treasury disclosures.
The research highlights that on-chain privacy has become an essential safety measure, protecting individuals from extortion, businesses from corporate espionage, and facilitating humanitarian aid in conflict zones. It contrasts this with illicit activities: pig-butchering fraud caused an estimated $75 billion in losses (2020–2024), physical wrench attacks surged to $124.1 million in H1 2026, and crypto-linked human trafficking payments grew 85% in 2025.
The report's central finding is that the decisive enforcement vulnerability lies at the fiat off-ramp, not in transactional privacy infrastructure. It profiles two AML-compliant privacy solutions: ChangeNOW's Private Crypto Transfers and CoinRabbit's custodial model using dynamic deposit addresses. The authors call for shifting resources to fiat gateways and cross-jurisdictional intelligence sharing, rather than limiting user privacy.
