Arkham

Tornado Cash

Tornado

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 <p class="is-style-lead">Tornado Cash, a leading cryptocurrency <a rel="noopener noreferrer nofollow" title="mixer" href="https://thebittimes.com/tag/mixer.html">mixer</a> on the Ethereum network, has shown remarkable resilience despite facing sanctions from the U.S. Treasury in August 2022.</p>
 <p>In an Oct. 10 X thread, Blockchain intelligence firm Arkham revealed that a staggering $77.35 million in assets have moved through Tornado Cash’s contracts on the Ethereum (ETH) mainnet over the past 30 days.</p>
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    <p lang="en" dir="ltr">Tornado Cash is still the largest crypto <a rel="noopener noreferrer nofollow" title="mixer" href="https://thebittimes.com/tag/mixer.html">mixer</a> on Ethereum, even after the August 2022 US Treasury sanctions.<br><br>$77.35M in assets flowed through its contracts on ETH Mainnet in the past 30 days. pic.twitter.com/dBpxmN1gqb</p>— Arkham (@ArkhamIntel) October 9, 2023
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 <h2 class="wp-block-heading" id="tornado-cash-operates-despite-sanctions">Tornado Cash operates despite sanctions</h2>
 <p>The crypto <a rel="noopener noreferrer nofollow" title="mixer" href="https://thebittimes.com/tag/mixer.html">mixer</a>, which operates on seven different blockchain networks, has carved a niche by enabling users to obscure transfers of ten different cryptocurrencies. Native ETH on the Ethereum mainnet has emerged as the most popular asset for mixing.</p>
 <p>In July 2021, Tornado Cash peaked, overseeing over $700 million worth of ETH in its pool contracts. However, the platform faced considerable challenges following the imposition of U.S. sanctions, experiencing a sharp 60% decline in assets and a marked reduction in transfer volume.</p>
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 <p>Importantly, this decline proved to be short-lived, as the platform’s total value locked (TVL) and transfer volume began to recover, even in the face of the arrest of two out of the three Tornado founders.</p>
 <p>Currently, the platform’s TVL is approximately 118.3K ETH, which equates to around $187.9 million, based on data from Arkham.</p>
 <h2 class="wp-block-heading" id="hackers-keep-employing-tornado-cash-to-launder-funds">Hackers keep employing Tornado Cash to launder funds</h2>
 <p>As reported by crypto.news, the U.S. Treasury imposed sanctions on Tornado Cash, alleging that the cryptocurrency mixing service facilitated the laundering of funds connected to North Korea’s Lazarus Group.</p>
 <p>While Tornado Cash positions itself as a financial privacy tool, the Treasury contends that it enabled illegal transactions, including the laundering of $445 million pilfered by the Lazarus Group.</p>
 <p>Roman Storm and Roman Semenov, the developers behind Tornado Cash, were indicted for their role in laundering over $1 billion, with Storm subsequently being arrested.</p>
 <p>Previously, a lawsuit supported by Coinbase aimed to reverse the U.S. Treasury Department’s ban on Tornado Cash, arguing that it violated free speech rights because the platform is open-source software.</p>
 <p>However, the court ruled in favor of the United States Department of the Treasury.</p>
 <p>The sanctions against Tornado Cash highlight the complexities involved in regulating decentralized services. The platform’s open-source nature means developers can easily create similar services, making it challenging for authorities to shut it down entirely.</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Tornado Cash creators deny laundering $1b for North Korea hackers
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-mixer-tornado-cash-handled-over-77m-in-past-30-days-tbt65769.html">https://thebittimes.com/crypto-mixer-tornado-cash-handled-over-77m-in-past-30-days-tbt65769.html</a></p>

Crypto mixer Tornado Cash handled over $77m in past 30 days

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