Tornado Cash

<ul><li>Tornado Cash recorded $1.9 billion in deposits during the first half of 2024, a notable increase.</li><li>Legal debates intensify as the crypto community challenges Tornado Cash sanctions as unconstitutional.</li><li>High-profile hacks continue to funnel large sums through Tornado Cash, highlighting usage trends.</li></ul>Tornado Cash, the banned crypto mixing service, has seen a significant rise in activity in 2024 despite sanctions and legal challenges. In the first half of the year, it recorded $1.9 billion in new deposits, marking a 50% increase from the previous year, as per Flipside Crypto <a href="https://api.flipsidecrypto.com/charliemarketplace/tornado-cash-eF79Rn" rel="noopener noreferrer nofollow">data</a>.The U.S. Office of Foreign Assets Control (OFAC) imposed sanctions on Tornado Cash in August 2022. This action followed revelations that the North Korean-linked Lazarus Group utilized the service to launder about $455 million. These sanctions have serious implications, as <a href="https://x.com/USTreasury/status/1556655337431785472" rel="noopener noreferrer nofollow">interacting </a>with Tornado Cash can lead to blacklisting by compliant crypto exchanges, severely restricting the ability to convert cryptocurrencies into fiat.Despite these restrictions, Tornado Cash remains a preferred tool for hackers. Notable incidents include the hacker from the Poloniex exchange heist funneling $76 million to Tornado Cash since May.<a href="https://cryptotale.org/tornado-cash-experiences-1-9-billion-surge-in-deposits-amid-sanctions/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Tornado Cash Experiences $1.9 Billion Surge in Deposits Amid Sanctions

CryptoTale

دیگر آرٹیکلز 20 جولائی، 2024 پر پبلش کیے گئے ہیں

Altcoin Boom: How These Cryptos Are Shaping the Future of Finance

Injective (INJ) and PEPE Show Promising Upsides Amid Market Trends

Gods Unchained Dominates with Stellar NFT Sales Performance

What Are Utility Tokens?

Are Meme Coins Green Coins Finally? Pepe (PEPE), Floki (FLOKI), Mog Coin (MOG) Strong 7-DAYS, Is ...

DAMN: A Beginner’s Guide to the Cryptocurrency’s Ecosystem

Join our free newsletter for daily crypto updates!