Report: Tornado Cash is responsible for 75% of Ethereum laundered
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Answer Report: Tornado Cash is responsible for 75% of Ethereum laundered
Tornado Cash has become a popular money laundering platform with growing hacking incidents on the Ethereum and Binance networks.
Stolen money loses its trace after passing through the Tornado Cash mixing platform, according to a new report issued by the “SlowMist” platform.
According to the report, 74.6% of the stolen funds (or approximately 300,160 ETH) on the Ethereum network were transferred to the controversial crypto-mixing platform during the first half of 2022.
Mixing platform “Tornado Cash” and Lazarus Group:
Cryptocurrency mixing platforms have been a major area of contention for regulators around the world.
In addition to the notoriety of mixing platforms, mixing platform “Tornado Cash” has caught up in a new storm of controversy for its connection to the North Korean state-sponsored hacking group Lazarus.
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The US Treasury has revealed that the Lazarus Group was behind some of the largest crypto hacks, including the Ronin Bridge hack, as announced by the US Federal Bureau of Investigation (FBI).
As a result, the “Tornado Cash” mixing platform came under fire because it allowed billions of dollars of money to be laundered through its platform.
Since its creation in 2019, data indicates that the Tornado Cash mixing platform is estimated to have been used to launder more than $7 billion in digital assets.
The Office of Foreign Assets Control (OFAC) imposed sanctions on it earlier this month, immediately banning US citizens and companies from using it.
Subsequently, the USDC digital stablecoin, operated by a combination of Circle and Coinbase, banned accounts linked to Tornado Cash.
The strict action of the Treasury Department’s watchdog may have prompted several players in the industry to ban addresses associated with the mixing platform.
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This sparked a number of discussions about the extent to which protocols and companies comply with the regulations set by the government.
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