Tornado Cash Continues to Facilitate Illicit Fund

In August 2022, OFAC banned the use of Tornado Cash for US citizens, residents and businesses. However, this has not stopped hackers from moving stolen funds through the controversial crypto tumbler. The latest PeckShield update shows that HECOBridge attackers have moved more than 40,391 ETH (about $145.7 million) through Tornado Cash in the last 8 days.

The HECO bridge was attacked in November 2023, after which the compromised funds were quickly transferred to decentralized exchanges and exchanged for altcoins. In March 2024, PeckShield noted the movement of illicit funds through Tornado Cash.

Despite sanctions and a 93% decline in monthly inflows, some criminals continue to use Tornado Cash. This suggests that the sanctions, although they created problems, did not completely stop all illegal activities due to the decentralized structure of the platform.

The developers of Tornado Cash, including Alexey Pertsev, Roman Storm and Roman Semenov, are accused of money laundering and violating sanctions.

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