Tornado Cash Faces US Sanction but Receives $1.9 Billion

IconCryptoNewsTerminal Staff18 Jul, 2024

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Tornado Cash Faces US Sanction but Receives $1.9 Billion

The U.S. Treasury may have placed harsh sanctions on Tornado Cash (TORN), an Ethereum-based privacy protocol, but this has not stopped a massive inflow of funds. According to Cointelegraph, Tornado Cash received over $1.9 billion in deposits during the first half of 2023. Surprisingly, this is a 50% increase from the total deposits it received throughout 2022. Despite the U.S. Treasury's strong stance against the platform, claiming its involvement with the North Korean hacking group Lazarus, the data suggests that Tornado Cash continues to be popular among crypto users, even with its controversial status.

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