Tornado cash has been traded over $77 million in the last 30 days
According to blockchain intelligence firm Arkham, $77.35 million in assets have been deposited in Tornado Cash contracts on the Ethereum mainnet in the past 30 days.
Despite being sanctioned by the US Treasury Department in August 2022, Tornado Cash is the largest crypto mix on the Ethereum network.
US authorities have argued that Tornado Cash was used by the North Korean hacking group Lazarus Group to launder millions of dollars in cryptocurrencies.
Tornado Cash founders Roman Storm and Roman Semenov are currently facing charges of money laundering and sanctions violations.
Tornado Cash's assets have fallen by more than 60% since the sanctions were imposed
According to Arkham, Tornado's cash has fallen by more than 60% and its turnover has fallen sharply since it was banned by US regulators in August last year.
However, both Total Value Locked (TVL) and Transfer Rate are returned after some time.
The current price of Tornado TVL is 118.3K ETH at $187.9 million.
Tornado Cash operates on 7 different chains and supports the transfer 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 pool contracts.
Hackers continue to use Tornado Cash for money laundering.
Tornado Cash records the currency stolen from Sky Mavis's Ronin Bridge by the DPRK-affiliated Alazarus group.
Hackers use Tornado Cash as a way to legitimize the source of their funds by avoiding any connection to a hacked wallet or illegal crypto activity, making them a target for authorities around the world.
As reported by Arkham, almost all of the multi-million dollar crypto hacks used Tornado Cash to disguise the proceeds.
An earlier Coinbase-backed lawsuit against the US Treasury Department sought to overturn the ban on the crypto mixer, claiming that Tornado Cash violated free speech rights because it was open source software.
However, the court ruled in favor of the United States Treasury Department.
