Tornado Cash experiences significant growth with $475 million in new deposits

From Cointelegraph
July 18, 2024 10:29:29 pm:

The volume of new deposits into the OFAC-sanctioned crypto mixer has increased significantly in the first half of 2024. A report revealed that the mixer received $475 million in new deposits during this period, representing a substantial growth in user activity.

The surge in deposits is attributed to the increasing demand for privacy-focused transactions in the crypto space. The mixer’s popularity has grown as more users seek to anonymize their transactions and protect their financial information from prying eyes.

Experts suggest that the rise in deposits could be driven by heightened regulatory scrutiny on cryptocurrency transactions. Users may be turning to platforms like the mixer to ensure their financial privacy and avoid potential legal issues related to their digital asset transactions.

Despite its association with money laundering and illicit activities, the crypto mixer continues to attract a growing number of users seeking privacy and anonymity in their financial transactions. The surge in deposits highlights the ongoing demand for privacy-focused services in the cryptocurrency industry.

Read more at Cointelegraph: Tornado Cash sees $1.9B resurgence this year despite sanctions