According to a recent report by CertiK, there’s been a significant increase in the use of Tornado Cash, a blockchain mixing service, by criminal elements for cryptocurrency exploits. In the first quarter of 2024 alone, this security firm identified nearly 60% (or 134 instances) of money-laundering activities involving this service.
In Q1 2024, out of the 224 reported incidents we investigated, the most frequent techniques for laundering stolen funds were identified. Shockingly, despite being blacklisted by OFAC, Tornado.cash was still employed in the vast majority of these illicit activities by malicious users.
— CertiK Alert (@CertiKAlert) April 18, 2024
While the U.S. Treasury’s OFAC sanctions on Tornado Cash over concerns of illicit activity usage may not prevent its utilization, the impact of these sanctions, totaling $69 million, should not be underestimated. Criminals have been known to heavily rely on this privacy protocol as a financial means and tool in their illegal activities, with previous washouts reaching up to $220 million.
CertiK Alert underscores the importance of prompt responses to potential threats, offering features such as chat bots that alert users about suspicious activities and specialized compliance platforms designed to assist in preventing such crimes.
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2024-04-18 23:48