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Tornado Cash is one of the top privacy cryptocurrency projects in the world. This blockchain employs zero-knowledge proofs to ensure that the product does not host criminal activities such as hackers and spoils from blockchain exploits. Despite being a privacy currency, Tornado Cash is an open-sourced project and it has recently performed a fork.
The fork has resulted in creating an offshoot of Tornado Cash that has been deployed on the second layer scaling protocol called Optimism.
Using this privacy pool, cryptocurrency investors can make transactions anonymously just like cash payments. The project was hit by sanctions from the Office of Foreign Asset Control or OFAC in 2022.
The core developer of Tornado Cash was arrested as a result of retaliation from the US regulators. The crypto mixer has been reported hosting a collective deposit of $7.8 million and $5.97 million withdrawals for every week on average during 2023. These statistics have been shared by another developer of the project named Ameen Soleimani on Twitter.
The introduction of private pools on Tornado Cash has enabled the ZK proofs that ensure that any transactions performed on the network are not associated with criminal users. The technical details about the structure of this private pool have been shared on Github which anyone can access it for further details.
User Anonymity
The new update on the Tornado Cash protocol allows users to remove anonymity at their discretion. With this new upgrade, the project has shielded the stakeholders of the project against hackers and threat actors that exploit it for illegal activities. Users can deposit their funds in a common pool that withdraws them in the new wallet.
This new wallet is untraceable and unlinked to previous transaction history. At the same time, the users can ascertain their legitimate usage using ZK proofs that retain their private information.
Following the introduction of the new privacy pools many users have opted out of anonymity voluntarily to clear their names from law enforcement agencies. Regulators can now isolate funds for every user without unveiling the whole transaction history as per Soleimani.
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