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.
#CertiKInsight
— CertiK Alert (@CertiKAlert) April 18, 2024
Of the 224 incidents we recorded in Q1 2024 we examined the most common methods of laundering stolen funds.
Despite being sanctioned by OFAC, @TornadoCash was still used by malicious actors in the majority of incidents pic.twitter.com/KL58xcseeQ
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 …
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