Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Crypto Criminals Prefer Tornado Cash Above Other Methods For Money Laundering

Published 04/19/2024, 04:20 AM
Updated 04/19/2024, 04:45 AM
Crypto Criminals Prefer Tornado Cash Above Other Methods For Money Laundering

  • CertiK Alert has identified Tornado Cash as the most preferred money laundering method for crypto criminals.
  • Criminals deployed Tornado Cash in over 60 of all 224 incidents recorded in Q1 2024.
  • Digital assets thieves transacted about $69 million via Tornado Cash in Q1 2024.

CertiK Alert, the security platform that monitors blockchain protocols, has identified Tornado Cash as the most used method by malicious actors for laundering stolen funds in the blockchain ecosystem. According to the blockchain tracker, criminals deployed Tornado Cash in over 60 of all 224 incidents recorded in Q1 2024.

Despite being sanctioned by the Office of Foreign Assets Control (OFAC), money launderers preferred Tornado Cash over other methods, including crypto exchanges, BTC transfers, and Railgun.

Meanwhile, CertiK Alert noted that funds were sent directly to exchanges …

The post Crypto Criminals Prefer Tornado Cash Above Other Methods For Money Laundering appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.