• September 29, 2023


All the latest cryptocurrency news

Tornado Cash Has Reportedly Been Used by NFT Scammers

ByLouis Adams

Aug 30, 2022 #NFTs
Reading time: < 1 minute

According to the latest report published by analytical company Elliptic, cryptocurrency mixer Tornado Cash, which has previously been sanctioned by the US authorities, has reportedly been the tool of choice for laundering funds by NFT scammers.

According to them, the mixing service was the source of $137.6 million worth of crypto assets processed by NFT marketplaces. With its help, 52% of the proceeds from illegal operations with NFTs were laundered.

The analysts have said:

“The widespread use of Tornado Cash for non-fungible token scams highlights the need for effective oversight by NFT platforms.”

According to Elliptic, in general, since 2017, cybercriminals have laundered more than $8 million of illegal funds through NFT marketplaces.