Did you hear about Tornado Cash?
It has faced scrutiny since being sanctioned by the U.S. Treasury in 2022 for facilitating money laundering 🏦, with claims of processing over $7 billion in illicit funds since 2019
Today it has some concerns over Tornado’s ETH Deposits
A recent Global Ledger report reveals troubling findings about Tornado Cash, with over 60% of ETH deposits in 2024 coming from high-risk sources ⚠️, including accounts linked to major crypto hacks.
From January 1 to November 27, $552 million 💸 in stolen cryptocurrency was laundered through Tornado Cash, which received a total of 457,768 ETH valued at about $1.64 billion 💰Alarmingly, more than 56% of these funds were connected to hacks in 2023 and 2024 🔍, a significant increase from the 314,740 ETH processed in 2023.
What do you think about it?
P.S. The service is believed to have processed more than $7 billion in illicit funds since 2019 👀
