According to blockchain intelligence firm Arkham, Tornado Cash’s contracts on the Ethereum mainnet have seen $77.35 million in assets flow through them in the past 30 days.
Despite being sanctioned by the US Treasury Department in August 2022, Tornado Cash remains the largest mixed cryptocurrency on the Ethereum network.
The US authorities have accused Tornado Cash of being used by the North Korean hacker group Lazarus Group to launder millions of dollars in crypto.
The developers of Tornado Cash, Roman Storm and Roman Semenov, are currently facing allegations of money laundering and sanctions violations.
Tornado Cash’s Assets Decline by Over 60% Since Sanctions
Arkham reported that Tornado Cash’s assets have dropped by over 60% and transfer volume has significantly declined since the US regulators imposed sanctions in August last year.
However, both the total value locked (TVL) and transfer volume have somewhat recovered later on.
The current TVL of Tornado Cash stands at $118.3K ETH, worth $187.9 million.
Tornado Cash operates on 7 different chains and obfuscates transfers of 10 different cryptocurrencies.
The most mixed asset on the platform is native ETH on the Ethereum Mainnet. At its peak in July 2021, Tornado Cash held over $700M of ETH in its pool contracts.
Hackers Continue to Use Tornado Cash for Money Laundering
Tornado Cash has been utilized by the Lazarus Group, associated with the DPRK, to launder currency stolen from Sky Mavis’s Ronin Bridge.
Hackers use Tornado Cash as a way to legitimize their source of funds by removing connections to a hacked wallet or illicit crypto activity, making it a target of authorities around the world.
According to Arkham, almost all of the top multi-million dollar crypto hacks have utilized Tornado Cash to launder the proceeds.
Earlier, a lawsuit backed by Coinbase against the US Treasury Department sought to overturn the ban on the crypto mixer, claiming it violated free speech as Tornado Cash is an open-source software.
However, the court ruled in favor of the United States Department of the Treasury.