Popular American news publication Wall Street Journal has released the findings of a new investigation focused on cryptocurrency-related money laundering. The new report suggests that almost $90 million worth of cryptocurrencies like Bitcoin and Monero have been laundered through some 46 different cryptocurrency exchanges.

Among the worst offenders cited in the report, WSJ calls out Erik Voorhees’ cryptocurrency exchange ShapeShift AG as being the exchange responsible for the largest amount of funds laundered: $9 million or over 10% of the total money laundered through the exchanges featured in Wall Street Journal’s report. ShapeShift allows users to stay anonymous, making it the platform of choice for laundering cryptocurrencies over the past two years.

The investigation followed funds from over 2,500 cryptocurrency wallet addresses suspected of being involved in criminal activities, resulting in a grand total of $88.6 million in funds being laundered through 46 different exchanges in all.

The report outlines an example of following funds from a suspected case of fraud, as the funds were traced to KuCoin and ShapeShift where they were converted into Monero, a privacy-focused cryptocurrency that provides an added layer of anonymity, thus hiding the transaction trail from that point on.

While ShapeShift has long allowed its users to remain anonymous, the company last month announced that it would soon roll out new anti-money laundering (AML) and know your customer (KYC) guidelines, requiring “basic personal details” to identify its customers.”

ShapeShift CEO Erik Voorhees called the move “proactive” as exchanges like the one he operates have fallen under increased pressure to enforce important AML and KYC policies to prevent money laundering and deter other forms of cyber-crime. Voorhees, however, still believes that all users have a “right to financial privacy,” despite the change in policy.