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

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