ITSMYNE

According to blockchain analytics company Elliptic Enterprises, Tornado Cash, a cryptocurrency mixer that has been sanctioned by the US, was the go-to method for laundering illegal earnings from nonfungible token schemes before the ban.In a study, the company stated that the mixer &#34;was the source of $137.6 million in cryptoassets processed by NFT markets and the laundering tool of choice for 52% of NFT scam revenues before being sanctioned.&#34; By combining tokens from several sources before transferring them to the final beneficiaries, services provided by platforms like Tornado Cash can be used to conceal transactions, making them a popular tool among criminals. An inquiry for comment was not immediately answered by Tornado Cash.Tornado Cash was sanctioned earlier this month by Treasury&#39;s Office of Foreign Assets Control, which claimed that since its launch in 2019, more than $7 billion worth of cryptocurrency, including hundreds of millions of dollars in funds stolen by North Korean hackers, had been laundered through the platform. The department had previously taken similar action in May against the online mixer Blender.io.About us:NFT Labs is a web3 company exploring big ideas in community, utility and engagement to push the crypto, NFT and metaverse space forward. To learn how your organization can participate in the web3 revolution, write to us at hello&#64;itsmyne.club.We’re backed by leading blockchain institutions including Longhash Ventures, Antler, Oracles Investment Group, and Shima Capital among others. NFT Labs is also the issuer of the MYNE token ($MYNE), a BEP-20 utility token for Itsmyne and partner applications. MYNE serves as the gateway between traditional social media and blockchain-based social economies.

Before US Sanctions, Tornado Cash Was Considered a Key Tool for NFT Scams

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