Last night, I was checking on-chain transfers and saw a series of "coincidences": A sent to B, and B just happened to transfer to C. I thought someone was acting again... But then I followed the path and broke it down, and it turns out: funds were withdrawn from an exchange → routed through an aggregator for swapping → then sent to a commonly used wallet for distribution. The whole process is like stopping by to buy groceries on the way home from work, not some mysterious organization.

But now the community is arguing quite fiercely about privacy coins/mixing/ compliance. Some people shout "laundering" on the same path, while others say "privacy protection." To put it simply, on-chain only shows you points and lines; the stories are all filled in by people. My approach is to first break the "coincidence" into several explainable actions, then see who is pushing and who is dragging... Otherwise, a two-hour meeting might end with a conclusion no better than a screenshot of a transfer.