Odaily Planet Daily News A report released by blockchain analysis company TRM Labs on Wednesday showed that the overall usage of cryptocurrency mixer Tornado Cash dropped by 90% after being sanctioned by the United States.
According to the report, from February to July 2022, Tornado Cash’s transaction volume exceeded $2.8 billion; but during the same period in 2023, the transaction volume dropped to $425 million. (CoinDesk)
In August last year, it was reported that the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) added Tornado Cash to the Sanctions List (SDN). The U.S. Department of Justice said the service was used to launder more than $1 billion in illicit funds, including by the North Korean hacker group Lazarus.