$35 Million in Stolen Ether Laundered Through Tornado Cash

A major transfer of 14,500 ETH, worth about $35.2 million, has been traced to Tornado Cash, a crypto mixing platform, linked to the Nomad Bridge hack of August 2022.

This transaction, flagged by PeckshiedAlert, occurred on August 8.

Previously, on August 5, stolen funds from the same hack were used to acquire 16,892 ETH, coinciding with a significant drop in Ethereum’s value from $2,760 to $2,172 within 12 hours due to a market downturn.

Tornado Cash, which obscures transaction histories on Ethereum through privacy techniques, has been exploited by criminals to launder stolen cryptocurrencies.

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The platform, sanctioned by the U.S. Treasury in 2022, continues to face regulatory challenges. Despite sanctions, Tornado Cash usage has increased, and its developers face legal issues, including money laundering charges.

The broader crypto community remains concerned about the impact of such privacy tools on digital asset security and regulatory efforts to curb misuse.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.