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Tornado Cash receives 75% of funds laundered on Ethereum, new research reveals

Given the size of the fund, cryptocurrency market every day, cyber crime Money laundering is rife, and one of the most notorious cases involves cryptocurrency mixing service Tornado Cash (TORN).

As it happened, Tornado Cash found itself in the middle of a scandal involving an attack on Ethereum (ethereum) blockchain bridge with harmony horizon bridgeby the North Korean-backed Lazarus Group.

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.

Platform rate of ETH laundering. sauce: 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.

Initial funding source for the attack. sauce: slow mist

according to slow mist Reportedly, suspicious withdrawals related to these security incidents also crypto exchangea particular trading platform or even an individual’s personal crypto wallet.

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.

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