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Numerous DeFi vulnerabilities in the past have been associated with the prevalent crypto-mixing technique.
OFAC-sanctioned wallet addresses will be blocked by Tornado Cash utilizing oracle contracts from Chainalysis, as stated on Friday. The action follows the U.S. Treasury Department's identification of the North Korean cybercriminal organization Lazarus Group as the suspected perpetrator of the recent $600 million-plus Ronin Bridge breach. According to blockchain analytics company Elliptic, the hackers have transferred around $80.3 million worth of Ether (ETH) using Tornado Cash. The Tornado Cash team stated, "Maintaining financial privacy is crucial to safeguarding our freedom; nevertheless, it should not come at the expense of non-compliance."
Tornado Cash is a common cryptocurrency mixing used to conceal the history of transactions. The Chainalysis Sanctions Oracle verifies if a bitcoin wallet address is listed in a United States, European Union, or United Nations sanctions list. However, Tornado Cash co-founder Roman Semenov stated subsequently that the instrument merely restricts access to the DApp interface and not the underlying smart contract.
Tornado Cash has been detected in several problematic decentralized financial transactions. In February’s $375 million Wormhole vulnerability, hackers used stolen cash to experiment with Tornado Cash. The LooksRare team utilized Tornado Cash in the same month to partially withdraw approximately $30 million in cryptocurrency. In a recent Rare Bears Discord phishing incident that stole $800 thousand in nonfungible tokens (NFTs), hackers also used Tornado Cash to move the stolen assets. Reportedly, monies from a $33 million Crypto.com vulnerability were also laundered through the DApp.
Semenov appears to have had enough of the protocol’s affiliation with alleged illegal acts. He discusses the possibility of jail term for noncompliance with regulators in limiting access to banned persons.
