The volume of new deposits into the OFAC-sanctioned crypto mixer has jumped significantly in the first half of 2024.
Banned crypto mixer Tornado Cash has witnessed a surprising uptick in deposit volume in the first half of 2024, despite ongoing sanctions and continued legal strife for its founding team.
According to data from Flipside Crypto, Tornado Cash has received some $1.9 billion in deposits in the first six months, a significant 50% increase from the total number of deposits through the entirety of 2023.
The Office of Foreign Assets Control (OFAC) officially sanctioned Tornado Cash in August 2022 after it was revealed that the North Korean hacking consortium Lazarus Group had used the protocol to launder around $455 million in illicit funds.
