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The Tornado Cash case reveals the complexity behind the word "privacy" in the crypto space. On the surface, this project is an on-chain mixer that claims to provide users with financial privacy protection. However, it is precisely this mixing mechanism that, while achieving privacy functions, also opens up broader possibilities for application. This has become a focus of regulatory attention—the dual nature of the same technology in different scenarios blurs the line between privacy tools and risk prevention. This case reminds us that in the Web3 ecosystem, technological neutrality and application intent are often difficult to clearly distinguish, and it is this tension that drives ongoing debates within the industry regarding privacy, compliance, and the boundaries of innovation.