Crypto Mixing Tool Tornado.Cash Made $5 Billion In Transactions

The crypto mixing tool Tornado.Cash made almost $5 billion in transactions while the Cashfusion mixing app also made about $3 billion as we can see more today in our cryptocurrency news.

While blockchain monitoring increased over the past few days, crypto mixers saw a lot of increase in usage from those that dont want their financial transactions tracked. That is why the Crypto mixing tool Tornado.Cash helped crypto owners make ETH and BTC less traceable and recorded almost $5 billion in transactions.

Digital currency privacy is a big deal to a lot of people because to some, it is not and they have no issues transacting on the transparent ledger which is monitored by blockchain surveillance companies. The privacy lovers ont the other hands use plenty of methods like leveraging a VPN, Tor browser, and using these token mixers. As the end of 2021 approaches, the two mixers Cashfusions and Tornado.cash processed almost $8 billion in digital assets. Tornado.Cash is an ETH-based mixing tool that saw about 2,344,835 ether worth more than $4.8 billion and the application is very popular and even got reviewed by BTC developers Gavin Andresen in 2020. Tornado.Cash announced it is in the middle of deploying on the layer2 Ethereum platform Arbitrum One and out of the $4.87 billion deposited, Tornado.Cash users paid $7.2 million in fees according to Dune analytics.

The statistics indicate that there were 12,240 unique depositors and about 36,382 unique withdrawals addresses and the $4.8 billion in deposits was distributed in more than 98,593 unique deposits from 12,240 addresses and the shares of the withdrawals using the app are about 70,800 while the traditional wallets withdrawals are around 20,233 and about $3.8 billion in Bitcoin Cash fused since 2019. another mixing project which saw a few billion in coins mixed is CashFusion that is leveraged by the Bitcoin Cash community.

The non-custodial mixing application became popular around 2019. Cashfusion offers a lot of transaction obfuscation and the proejct was reviewed by the data analyst James Waugh earlier in 2020. Waugh explained that he went through thousands of transaction inputs and outputs and realized it is not possible to establish a link between them. More than 7,293,680 BTC cash worth $3.29 billion has been processed since 2019. bot of these mixing apps are popular and are being used regularly. BCH fans take part in whats called fusion Fridays in order to get a bigger crowd using their apps. With Tornado.cash supporting Arbitrum One, the fees are smaller.