{"id":70815,"date":"2023-10-10T01:59:47","date_gmt":"2023-10-10T05:59:47","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/tornado-cash-processed-over-77-million-in-past-30-days\/"},"modified":"2023-10-10T01:59:50","modified_gmt":"2023-10-10T05:59:50","slug":"tornado-cash-processed-over-77-million-in-past-30-days","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=70815","title":{"rendered":"Tornado Cash Processed Over $77 Million in Past 30 Days"},"content":{"rendered":"
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As per blockchain intelligence firm Arkham, $77.35 million in assets have flown through Tornado Cash\u2019s contracts on Ethereum mainnet in the past 30 days.\u00a0<\/p>\n

Despite being sanctioned by the US Treasury Department in August 2022, Tornado Cash remains the largest crypto mixed on Ethereum network.<\/p>\n

The US authorities argued that Tornado Cash was used by North Korean hacker group Lazarus Group to launder millions of dollars in crypto.\u00a0<\/p>\n

Tornado Cash developers Roman Storm and Roman Semenov currently face allegations of money laundering and sanctions violations.<\/p>\n

Tornado Cash\u2019s Assets Drop by Over 60% Since Sanctions<\/h2>\n

Arkham reported that Tornado Cash\u2019s assets have dropped by over 60%<\/a> and transfer volume declined significantly after it was sanctioned by the US regulators in August last year.<\/p>\n

However, both total value locked (TVL) and transfer volume recovered somewhat later.<\/p>\n

Current TVL \u00a0of Tornado stands at $118.3K ETH worth $187.9 million.\u00a0<\/p>\n

Tornado Cash operates on 7 different chains, and obfuscates transfers of 10 different cryptocurrencies.\u00a0<\/p>\n

The most mixed asset on the platform is native ETH on Ethereum Mainnet. At its peak in July 2021, Tornado Cash held over $700M of ETH in its pool contracts.<\/p>\n

Hackers Continues to Utilize Tornado Cash for Money Laundering<\/h2>\n

Tornado Cash has been used by the Lazarus Group, associated with the DPRK, to launder currency stolen from Sky Mavis\u2019s Ronin Bridge.<\/p>\n

Hackers use Tornado Cash as a way to legitimize their source of funds by removing connections to a hacked wallet or illicit crypto activity, making it a target of authorities around the world.<\/p>\n

As reported by Arkham, almost all of the top multi million dollar crypto hacks have utilized Tornado Cash to launder the proceeds.<\/p>\n

Earlier, Coinbase-backed lawsuit against US Treasury Department sought to overturn the ban on the crypto mixer claiming it is in violation of free speech as Tornado Cash is an open-source software.\u00a0<\/p>\n

However, the court ruled in favor of the United States Department of the Treasury.<\/p>\n<\/p><\/div>\n