CryptoMediaClub
Sunday, June 1, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home All news

Tornado Cash Surpasses $1.8 Billion in Deposits in H1, a 45% Increase Compared to Entire 2023

19.07.2024
A A
0
119
VIEWS
ShareShare

Popular crypto mixing protocol Tornado Cash has experienced a resurgence in 2024, with deposits surpassing $1.8 billion in the first half of the year.

The figure is up by 45% compared to the total amount deposited in the crypto mixer during the entirety of 2023, according to blockchain analytics firm Flipside Crypto.

The renewed surge in Tornado Cash activity comes as the platform’s activity had dwindled following sanctions imposed by the US government two years ago.

Tornado Cash Attracts Bad Actors

In recent times, Tornado Cash has observed a substantial influx of funds from hackers involved in major thefts.

Notably, the perpetrator behind the Poloniex exchange heist, who made off with over $100 million last year, transferred $76 million to Tornado Cash in the past two months, as reported by Arkham Intelligence.

Additionally, hackers responsible for exploiting the HECO Bridge and Orbit Chain have moved $166 million and $47.7 million, respectively, to the mixer this year.

In August 2022, Tornado Cash faced sanctions from the US Treasury due to its involvement in laundering more than $455 million worth of cryptocurrency stolen by the North Korea-affiliated hacking group, Lazarus.

Following the sanctions, monthly deposits to Tornado Cash plummeted by over 90%.

However, the decentralized nature of the protocol poses challenges for US authorities in effectively monitoring its usage.

“Consistent with a general uptick in market activity, mixers have begun to see a resurgence in 2024,” blockchain analytics firm Chainalysis said in a recent report.

“When looking at the growth of individual mixing services overall, we see that WasabiWallet, JoinMarket, and Tornado Cash have grown the most.”

Mixing services like Tornado Cash were originally developed to uphold privacy, a fundamental principle in the decentralized realm of cryptocurrencies.

These services pool funds from various transactions, making it challenging to trace them back to their original source.

Consequently, such platforms became attractive to malicious actors seeking to launder illicitly obtained assets.

US House Proposes Ban on Cryptocurrency Mixers

Democratic representatives have introduced the US Blockchain Integrity Act, which aims to crack down on cryptocurrency mixers.

The proposed legislation aims to disrupt the flow of illicit funds and promote transparency by prohibiting financial institutions, cryptocurrency exchanges, and registered money service businesses from accepting funds processed through a mixer.

Failure to do so would result in civil penalties of up to $100,000.
The development comes amidst the U.S. government’s ongoing crackdown on crypto-mixing services.

Recently, the founder of Bitcoin Fog, a $400 million crypto-mixing service, was convicted of money laundering.

Roman Sterlingov was found guilty of money laundering, money laundering conspiracy, operating an unlicensed money-transmitting business, and violations of the D.C. Money Transmitters Act.

Likewise, Roman Storm and Roman Semenov, co-founders of Tornado Cash, have been indicted.

The indictment charges them with conspiracy to commit money laundering, conspiracy to violate US sanctions, and conspiracy to operate an unlicensed money-transmitting business.

The post Tornado Cash Surpasses $1.8 Billion in Deposits in H1, a 45% Increase Compared to Entire 2023 appeared first on Cryptonews.

Share9Tweet6ShareSharePin2

Related Posts

JD.com Stablecoin Hits Phase 2 Hong Kong Sandbox Testing and Targets Global Payments
All news

JD.com Stablecoin Hits Phase 2 Hong Kong Sandbox Testing and Targets Global Payments

01.06.2025
0

Key Takeaways: JD.com’s stablecoin is in Phase 2 of Hong Kong’s sandbox testing. The token is pegged to fiat currencies...

Read moreDetails
Banana Gun’s 88% Snipe Wins To Be Eclipsed By Snorter Token, New Solana Meme Trading Bot Raises $260,000 in 2 Days 

Banana Gun’s 88% Snipe Wins To Be Eclipsed By Snorter Token, New Solana Meme Trading Bot Raises $260,000 in 2 Days 

01.06.2025
Two NYPD Allegedly Officers Caught in Crypto Kidnapping Storm, Duties Curtailed

Two NYPD Allegedly Officers Caught in Crypto Kidnapping Storm, Duties Curtailed

01.06.2025
Bitcoin Price Prediction: Post-$827M Liquidation Carnage – Can BTC Reclaim $104k Amid ETF Inflows?

Bitcoin Price Prediction: Post-$827M Liquidation Carnage – Can BTC Reclaim $104k Amid ETF Inflows?

01.06.2025
Ethereum Price Prediction: ETH at $2,517 After Sharplink Gaming’s $48M Institutional Buy-in News — SEC Filing Sparks Bullish Sentiment

Ethereum Price Prediction: ETH at $2,517 After Sharplink Gaming’s $48M Institutional Buy-in News — SEC Filing Sparks Bullish Sentiment

31.05.2025
Load More
Next Post
New Tool Simplifies Blockchain Deployment

New Tool Simplifies Blockchain Deployment

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Largest Bitcoin ETP outflow since March as profit taking continues

Largest Bitcoin ETP outflow since March as profit taking continues

2 years ago
Notcoin Price Set to Explode? Positive Trading Signals Hint at Huge Gains for NOT Holders

Notcoin Price Set to Explode? Positive Trading Signals Hint at Huge Gains for NOT Holders

8 months ago
Total Number of Crypto Users Exceeded Half Billion in 2023

Total Number of Crypto Users Exceeded Half Billion in 2023

1 year ago
Solana Surges Past $230 – Is a $750 Price Target Now in Play?

Solana Surges Past $230 – Is a $750 Price Target Now in Play?

6 months ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Bitcoin Price Prediction: Post-$827M Liquidation Carnage – Can BTC Reclaim $104k Amid ETF Inflows?

Ethereum Price Prediction: ETH at $2,517 After Sharplink Gaming’s $48M Institutional Buy-in News — SEC Filing Sparks Bullish Sentiment

BlackRock’s IBIT Sees $430M Outflow, Ending 31-Day Inflow Streak

FTX Recovery Trust Begins $5B Second Payout to Creditors

Solana Price Prediction: SOL Falls to $154.40 With 11.7% Week Decline – Can It Bounce Back to $200?

Nigel Farage Vows Pro-Crypto Bill, Bitcoin Reserve If Elected UK PM

Trending

JD.com Stablecoin Hits Phase 2 Hong Kong Sandbox Testing and Targets Global Payments
All news

JD.com Stablecoin Hits Phase 2 Hong Kong Sandbox Testing and Targets Global Payments

01.06.2025
0

Key Takeaways: JD.com’s stablecoin is in Phase 2 of Hong Kong’s sandbox testing. The token is pegged...

Banana Gun’s 88% Snipe Wins To Be Eclipsed By Snorter Token, New Solana Meme Trading Bot Raises $260,000 in 2 Days 

Banana Gun’s 88% Snipe Wins To Be Eclipsed By Snorter Token, New Solana Meme Trading Bot Raises $260,000 in 2 Days 

01.06.2025
Two NYPD Allegedly Officers Caught in Crypto Kidnapping Storm, Duties Curtailed

Two NYPD Allegedly Officers Caught in Crypto Kidnapping Storm, Duties Curtailed

01.06.2025
Bitcoin Price Prediction: Post-$827M Liquidation Carnage – Can BTC Reclaim $104k Amid ETF Inflows?

Bitcoin Price Prediction: Post-$827M Liquidation Carnage – Can BTC Reclaim $104k Amid ETF Inflows?

01.06.2025
Ethereum Price Prediction: ETH at $2,517 After Sharplink Gaming’s $48M Institutional Buy-in News — SEC Filing Sparks Bullish Sentiment

Ethereum Price Prediction: ETH at $2,517 After Sharplink Gaming’s $48M Institutional Buy-in News — SEC Filing Sparks Bullish Sentiment

31.05.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz