Tornado Cash Experiences $1.9 Billion Surge in Deposits Amid Sanctions

Despite sanctions, Tornado Cash has recorded $1.9 billion in deposits during the first half of 2024, becoming a preferred tool for hackers.

Points

• Tornado Cash recorded $1.9 billion in deposits in H1 2024.
• Sanctions against Tornado Cash are being challenged as unconstitutional.
• High-profile hacks continue to funnel large sums through Tornado Cash.
• The tool remains popular among hackers despite legal restrictions.
• Notable incidents include the Poloniex exchange heist funneling $76 million through Tornado Cash.

Tornado Cash has experienced a significant surge in deposits, recording $1.9 billion during the first half of 2024, despite facing sanctions. The crypto community is challenging these sanctions as unconstitutional, arguing that they unfairly target the platform.

Tornado Cash remains a preferred tool for hackers, with high-profile incidents continuing to funnel large sums through the service. One notable incident is the hacker from the Poloniex exchange heist, who has funneled $76 million to Tornado Cash since May. This trend highlights the ongoing use of Tornado Cash for illicit activities, despite the legal challenges it faces.

The U.S. Treasury has been monitoring the situation closely. In a recent statement, they acknowledged the increase in deposits but reaffirmed their stance on the sanctions, emphasizing the need to curb illegal activities facilitated by Tornado Cash.

Legal debates surrounding the sanctions have intensified, with many in the crypto community arguing that the restrictions are unconstitutional. They claim that the sanctions infringe on individuals’ rights to privacy and financial freedom.

Despite the legal battles and sanctions, Tornado Cash’s popularity among hackers underscores the challenges regulators face in controlling the use of such tools. The platform’s ability to provide anonymity continues to attract those seeking to launder money or hide their transactions from authorities.

解説

• Tornado Cash has seen a $1.9 billion surge in deposits despite facing sanctions, highlighting its continued use for illicit activities.
• Legal challenges against the sanctions argue they are unconstitutional, infringing on privacy and financial freedom.
• High-profile hacks continue to use Tornado Cash, emphasizing the difficulties regulators face in curbing its use.
• The U.S. Treasury maintains its stance on the sanctions, aiming to prevent illegal activities.
• The ongoing popularity of Tornado Cash among hackers underscores the need for effective regulatory measures.