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The usage of Tornado Cash, a crypto mixer, has dropped by 90% due to the effects of US sanctions, according to a report by TRM Labs. The report states that North Korean cybercriminals have abandoned Tornado Cash, as the sanctions have scared away most of its users, making it a less effective tool for money laundering. The drop in trading volumes for Tornado Cash occurred after the US Treasury's Office of Foreign Assets Control (OFAC) blacklisted the crypto mixer in August. The report also mentions that the US Department of Justice alleges that Tornado Cash was used to launder over $1 billion in illicit funds.
Usage of Tornado Cash dropped 90% following U.S. sanctions, a @trmlabs report shows. @TheJusticeDept alleges the service was used to launder more than $1 billion in illicit funds. Watch more, presented by @cryptocom: https://t.co/zu6HLeUXMd https://t.co/8U72s9G0vm
Tornado Transaction Volumes Plunged by 90 Percent Due to the Effects of US Sanctions https://t.co/lbHBiy42pe
North Korean cybercriminals have ditched Tornado Cash. One reason? US sanctions have scared away most of its users, making it a less effective tool for money-laundering, according to a new report from @trmlabs. https://t.co/xmhTc4760k https://t.co/xmhTc4760k
.@TornadoCash trading volumes dropped dramatically after @USTreasury's OFAC blacklisted the crypto mixer last August, a report by @trmlabs shows. By @shauryamalwa https://t.co/VONX1FBRWO
Money-launderers: use banks, cash, property, art ... for 99.99% of their operations. Someone discovers 0.01% use of crypto. Media: https://t.co/g6VJsCmhWS