Tornado Cash faces outflow of user funds
- August 11, 2022
- 0
Mixing service Tornado Cash assets down 15% after deposit OFAC Such data to the sanctions list is provided by The Block. Users effectively stopped depositing and accelerated the
Mixing service Tornado Cash assets down 15% after deposit OFAC Such data to the sanctions list is provided by The Block. Users effectively stopped depositing and accelerated the
Mixing service Tornado Cash assets down 15% after deposit OFAC Such data to the sanctions list is provided by The Block.
Users effectively stopped depositing and accelerated the return of previously deposited funds.
Since the restrictions were announced, receipt volume reached $6 million, which is 78.5% lower than in the same period of the previous week.
During this time, users have withdrawn $62 million from the protocol, which is equivalent to 15% of the balance amount at their address. In the first three hours, the output amounted to $14.7 million.
Recall that on August 11, the decentralized derivatives exchange dYdX was known to have blocked Tornado Cash user accounts. ForkLog also announced that a plan has been developed by MakerDAO in case the mixer’s main smart contracts come under sanctions from the authorities.
Previously, Vitalik Buterin used Tornado Cash to donate to Ukraine.
On August 9, Tornado Cash user sent 0.1 ETH Ethereum to multiple addresses. Buyers include EthHub co-founder Anthony Sassano, Loomdart crypto trader, Coinbase CEO Brian Armstrong, TV host Jimmy Fallon, YouTuber Logan Paul and Randy Zuckerberg. The community took this as a protest against the actions of the US authorities.
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Source: Fork Log
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