Ethereum Mixer Tornado Cash Has Received Almost $2 Billion in 2024 Despite Sanctions

In the first half of 2024, Tornado Cash, an Ethereum-based privacy protocol, received over $1.9 billion in deposits, highlighting its continued use despite being under U.S. sanctions. However, activity has slowed in July, with only $65.1 million deposited according to data from Flipside. While the Total Value Locked (TVL) metric isn't a perfect indicator of Tornado Cash's activity due to the protocol's nature—where users typically deposit and then quickly withdraw anonymized funds—the TVL has still shown growth. Tornado Cash started the year with under 160,000 ETH and has now reached nearly 168,600 ETH, translating from $374.4 million to $572.82 million, considering the increase in asset values. This growth, despite the regulatory challenges, underscores Tornado Cash's persistent relevance in the crypto space.

source :  https://decrypt.co/240603/ethereum-mixer-tornado-cash-has-received-almost-2-billion-in-2024-despite-sanctions