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New Data Shows Majority of Transactions have been TOTALLY LEGAL on Now-Banned Crypto ‘Mixer’ Tornado Cash… | Crypto News Live | Breaking Global Cryptocurrency News

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Last week we covered information that the US Treasury Department had sanctioned Ethereum’s controversial transaction mixer, Tornado Cash, for allegedly enabling cash laundering.

This was solely the second time the US authorities has taken such an motion in opposition to a crypto mixing web site.

However, a deep evaluation of blockchain transaction information is exhibiting the platform was principally used for utterly authorized actions…

In reality, simply over 30% of the funds despatched to that protocol have been used for cash laundering, not less than in response to one blockchain analytics agency. 

Slowmist, which included their findings in a report on blockchain security, utilizing the primary 6 months of 2022, they discovered Tornado Cash acquired complete deposits of 955,277 ETH (price $1.7 Billion at present costs), with 300,160 ETH being associated to potential criminality. 

This implies that there is not any (recognized) authorized points with roughly 70% of the operations of the platform.

If you learn the US Treasury Department’s press release saying the sanction in opposition to Tornado Cash, you’d have the impression that the location was constructed for, and solely used for unlawful functions.  They described it as “A digital forex mixer that launders the proceeds of cybercrimes, together with these dedicated in opposition to victims within the United States.”

For some perspective: If true, the study shows Tornado Cash may equally as popular with criminals as printed US Currency…

If we go by the estimates of Harvard University Professor of Economics Kenneth Rogoff – up to 34% of printed money is currently being used to facilitate illegal transactions.

But if I had to guess what primary factor was in the US government deciding to officially act against Tornado Cash, it would be the news that North Korean hackers, aka the ‘Lazarus Group’ were also using the mixer to launder crypto the have been obtaining through various, always illegal methods. 

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Author: Mark Pippen
London News Desk 
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