HomeCoinsEthereum (ETH)Despite sanctions, crypto traders are still using Tornado Cash

Despite sanctions, crypto traders are still using Tornado Cash

- Advertisement -


Transaction activity on Tornado Cash increased between Monday and Tuesday despite US government sanctions 

On Monday, the US Treasury sanctioned the cryptocurrency mixing service, which allows users to obscure their transaction history. Tornado Cash and 44 associated Ethereum and USDC wallets were add to the Treasury’s Specially Designated Nationals (SDN) list.

The SDN list prohibits US persons and firms looking to operate in the US from making financial interactions with designated entities. In spite of this, users have continued to use the platform, as transaction volume increased between Monday and Tuesday (although remained lower than on previous days).  

Despite sanctions, crypto traders are still using Tornado Cash

On Monday, transaction volumes on Tornado Cash reached $2.45 million with most transactions involving 1 or more ether (ETH). Transaction volume climbed to $2.99 million on Tuesday, as more users sent amounts of 0.1 ether through the smart contract. Mixing services split up amounts of cryptocurrency into specific accounts, making it easier to mix all the money around without leaving a trail.

Despite sanctions, crypto traders are still using Tornado Cash

The increase in smaller transactions may be linked to a protest over sanctions involving a user sending small amounts of ether to well-known crypto individuals and celebrities. Those targeted by the wallet dusting on Tuesday included names like Coinbase CEO Brian Armstrong, late-night TV’s Jimmy Fallon, YouTuber Logan Paul and basketball star Shaq. 

Beyond the Ethereum wallet dusting, larger transactions also saw a significant uptick in volume, with 100 ether transactions increasing from six on Monday to thirteen on Tuesday. 

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Adam Morgan is The Block’s markets reporter. He has been based in London for the past year, initially freelancing and working for a start-up there before beginning a fellowship at Business Insider. He Tweets @ AdamMcMarkets





Source link

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,580FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 23,926.41
ethereum
Ethereum (ETH) $ 1,832.79
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 141.62
litecoin
Litecoin (LTC) $ 61.85
eos
EOS (EOS) $ 1.26
okb
OKB (OKB) $ 19.19
tezos
Tezos (XTZ) $ 1.86
leo-token
LEO Token (LEO) $ 4.74
cardano
Cardano (ADA) $ 0.535123
monero
Monero (XMR) $ 167.38
stellar
Stellar (XLM) $ 0.125628
chainlink
Chainlink (LINK) $ 9.28
huobi-token
Huobi (HT) $ 4.40
tron
TRON (TRX) $ 0.07015
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 54.39
neo
NEO (NEO) $ 11.54
iota
IOTA (MIOTA) $ 0.34674
nem
NEM (XEM) $ 0.05151
zcash
Zcash (ZEC) $ 76.82
maker
Maker (MKR) $ 1,110.56
paxos-standard
Pax Dollar (USDP) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 38.97
vechain
VeChain (VET) $ 0.032864
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX (FTT) $ 31.26
kucoin-shares
KuCoin (KCS) $ 10.89
waves
Waves (WAVES) $ 6.14