Tornado Cash gets 75% of the laundered ETH

In light of OFAC’s punishment, new information regarding bad actors using Tornado Cash’s service has emerged.

Tornado Cash has become a popular money laundering platform, with a steady increase in instances across Ethereum and Binance Smart Chain. A significant portion of the unlawful monies have vanished after passing through the mixer.

According to a new analysis by blockchain security platform SlowMist, during the first half of 2022, 74.6% of stolen assets (or almost 300,160 ETH) on the Ethereum network were transferred to the contentious cryptocurrency tumbler.

According to SlowMist’s 2022 Mid-Year Blockchain Security and AML Analysis Report,

“Tornado Cash accounts for the bulk of the initial funding for these security incidents. There have also been reports of withdrawals from exchanges, trading platforms, and personal wallets to fund these security incidents.”

Connection to the Lazarus Group

Crypto mixers have been a key source of controversy for authorities worldwide. Tornado Cash, on the other hand, has sparked a new round of criticism because to its ties to the North Korean state-sponsored hacker outfit Lazarus.