Tornado Cash Trading Volumes Plunged After U.S. Sanctions: TRM Labs

The chart of the day is brought to you by crypto dot com. The world's fastest growing crypto app. Let's take a look at the chart of the day. A new report by Blockchain Analytics firm TRM labs shows the overall usage of tornado cash, a crypto mixture that creates more anonymous transactions dropped by 90% after us sanctions the US Treasury Department's Office of Foreign Asset Control blacklisted Tornado Cash in August last year alleging the service was used to launder more than a billion dollars in illicit funds including by North Korean hacker group. Lazarus. This chart shows the volumes of transactions going through tornado cash before and after it was sanctioned from February to July 2022 transactions worth over $2.8 billion flowed through the platform. But during the same period in 2023 volumes dropped dramatically to 420 5 million TRM. Researchers said that while North Korean hackers have mostly moved to other Bitcoin mixers, some illicit use of tornado cash still continues. That's it for today's chart of the day. I'm Jen Sani. We'll see you next time to unpack more of the data behind top news stories.