Tornado Cash received over $1.8 billion in deposits in the first half of 2024, 45% higher than last year

After being sanctioned by the US government two years ago, the activity of the encrypted mixer Tornado Cash dropped significantly, but the protocol began to recover in 2024. According to blockchain analytics company Flipside Crypto, the protocol received more than $1.8 billion in deposits in the first half of 2024 alone, a 45% increase from the total deposits last year.

Recently, Tornado Cash has received a large amount of funds due to hackers participating in massive theft. According to Arkham Intelligence, hackers who stole more than $100 million from the Poloniex exchange last year transferred $76 million to Tornado in the past two months. Similarly, hackers of HECO Bridge and Orbit Chain transferred $166 million and $47.7 million to the mixer respectively this year.

In a recent report, blockchain analytics company Chainalysis stated that mixers began to recover in 2024 in line with the general increase in market activity. Looking at the overall growth of individual mixing services, WasabiWallet, JoinMarket, and Tornado Cash had the fastest growth.