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The US government’s restrictions on the Tornado Cash mixer scarcely stopped the criminals from using it to launder money. This judgment was made by analysts in the MistTrack report for the first half of 2023.
How Much Money is in Question?
They estimate that as of the end of June, fraudsters had transferred about 165,000 ETH (or around $285 million) to Tornado Cash accounts. In the identical time frame, the mixer saw withdrawals totaling more than 142,340 ETH, or around $246 million.
Tornado Cash continues to have a significant advantage over competing mixers in terms of the volume of bitcoin that is cleaned. For instance, in the first half of 2023, the eXch mixer addresses got little under 10,000 ETH, or around $17.5 million. The bitcoin that was sent to Sinbad (formerly Blender), which is utilized by hackers of Atomic Wallets, was not made clear by MistTrack.
Although it cannot be categorically said that the sanctions “buried” the mixer, overall activity surrounding Tornado Cash has decreased. In May 2022, daily ETH inflows into mixer addresses exceeded $100 million.