To make matters worse for mixers, new data has emerged showing that Tornado Cash has received 74.7% of the total funds laundered on the Ethereum network so far, or up to 300,160 ETH. 2022 Mid-Term Blockchain Security and AML Analysis Report by a blockchain security company slow mist.
About 24% (95,570 ETH) of the remaining funds are still in hacker wallets, while 1.5% (6,250 ETH) have been sent to trading platforms.
initial source of funding for the attack
Additionally, the study also found that Tornado Cash accounted for the largest chunk of the initial funding of money laundering cases in Ethereum and Bitcoin (Bitcoin) network.
Tornado Cash and its use for money laundering
In particular, Tornado Cash has apparently been used to launder more than $7 billion in digital assets, including assets stolen by the Lazarus Group, since its creation in 2019, prompting the U.S. Treasury to turn it into a mixing service in early August. forced to impose sanctions.
That said, the situation that led to this outcome could get even more out of hand for blockchain professionals. Former FBI Intelligence Analystpredicted that the North Korean crypto-hacking problem would get worse.
It is also worth mentioning that Tornado Cash was previously used to move $80 million in digital assets stolen from Beanstalk Farms, an Ethereum-based stablecoin protocol, in mid-April. flash loan attackthat’s why fin bolt report.