2024

April

Tornado Cash

Tornado

Criminal cryptocurrency exploits using Tornado Cash, a blockchain mixing service, are now more apparent, says a CertiK Alert report. The security firm found that, in the first quarter of 2024, criminal groups took advantage of Tornado Cash in nearly 60% (60 out of 224) of all cases involving money laundering. 
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 <a href="https://twitter.com/hashtag/CertiKInsight?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener" data-wpel-link="external">#CertiKInsight</a> 🚨 Of the 224 incidents we recorded in Q1 2024 we examined the most common methods of laundering stolen funds. Despite being sanctioned by OFAC, <a href="https://twitter.com/TornadoCash?ref_src=twsrc%5Etfw" target="_blank" rel="noopener" data-wpel-link="external">@TornadoCash</a> was still used by malicious actors in the majority of incidents <a href="https://t.co/KL58xcseeQ" target="_blank" data-wpel-link="external">pic.twitter.com/KL58xcseeQ</a>— CertiK Alert (@CertiKAlert) <a href="https://twitter.com/CertiKAlert/status/1780928441757352359?ref_src=twsrc%5Etfw" target="_blank" rel="noopener" data-wpel-link="external">April 18, 2024</a>
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However, this approach has been criticized as the sanctions imposed by the U.S. Treasury’s Office of Foreign Assets Control (OFAC) on Tornado Cash due to the concern that its use for illicit activities cannot deter the use of this privacy protocol.&nbsp; 
However, the Tornado Cash washout is no less significant than the one to exchanges ($69 million compared to $220 million) as many criminals keenly use it as a financial means and tool in illegal activities. 
CertiK Alert highlights the need for faster measures, which include chatbots that will give out alerts for any suspicious activity, additionally specially made compliance platforms that will help in this kind of crime. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/04/19/coinbase-to-offer-wif-futures-to-non-us-customers-starting-april-25/" data-wpel-link="internal">Coinbase to Offer $WIF Futures to Non-US Customers Starting April 25</a> 
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Tornado Cash Reigns Supreme for Crypto Laundering

The Crypto Times

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