New Crypto Mixer In Development, Says Former Tornado Cash Developer

Privacy Pool, a successor to Tornado Cash, a legally sanctioned crypto mixer, is currently in development. One of the developers working on Tornado Cash is now building a new platform that is said to be compliant with legal norms. The developer posted the code for the new service on GitHub. With this platform, the developer aims to provide services similar to Tornado Cash, but with a more fiat-friendly approach. According to the developer the code posted on GitHub is only experimental.

Upcoming privacy pool service will use zero-knowledge proofs that enable its users to demand more privacy in their crypto transactionAccording to Amin Soleimani, former developer of Tornado Cash, to prove that they are not associated with terror or hacking groups. privacy prefer mixer tornado cache Often misused by crypto thieves.

These mixers allow people to deposit their stolen tokens into a common pool of crypto tokens and then wire their stolen holdings to secret wallets. This process is designed to break up any trace of stolen money that could be traced to the investigating authorities. crypto scam or fraud case.

Last year, the Tornado cache caught the attention of US authorities. privacy mixer Allegedly Legalized illegal money worth $7 billion (about Rs 57,911 crore).

The FBI even suspects that North Korean hackers used Tornado Cash to launder $455 million (roughly Rs. 3,763 crores) of stolen cryptocurrency. Meanwhile, the US Office of Foreign Assets Control (OFAC) imposed sanctions against Tornado Cash in August last year for illegal money laundering through crypto assets.

Currently, Alexey Pertsev is the brain behind Tornado Cash. service of Jail time under the supervision of the Dutch police without being charged with any crime.

Percentage of money passing through crypto mixers from the custody of cyber criminals Allegedly touched $51.8 million (roughly Rs. 413 crores) in April 2022. This marked the highest ever volume of crypto funds transferred through the crypto mixer to the destination wallet.

While law enforcement agencies in the US are already closing in on crypto privacy mixers, blockchain security firms Chainalysis Working on bringing out tools that can reverse-engineer and demix transactions processed through Crypto Mixer.