Tornado Cash Emerges Strong Despite Setbacks from US Sanctions

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Tornado Cash Emerges Strong Despite Setbacks from US Sanctions

Paraphrased Text: Tornado Cash, the leading cryptocurrency mixer on Ethereum, has maintained its dominance despite facing a decline in trading volume caused by sanctions imposed by the United States on the platform and its executives. According to blockchain analysis firm Arkham Intelligence, Tornado Cash has recovered after the US government implemented sanctions and apprehended key individuals linked to the business. The primary asset mixed on Tornado Cash is Ethereum, which held over $700 million ETH at its peak in July 2021. Although Tornado Cash experienced a significant drop in assets and value locked after the US sanctions, it eventually rebounded, with a Total Value Locked (TVL) of around 118.3 ETH, equivalent to approximately $187.9 million at current market prices. Despite the arrest of two-thirds of Tornado's founders, TVL and transfer volume have gradually recovered. TRM, another analysis firm, noted an 85% decrease in overall volume passing through Tornado Cash's platform, with TVL dropping from about $2 billion between February and July 2022 to $425 million during the same period this year, as mentioned in their report.