While blockchain surveillance has grown dramatically in recent years, cryptocurrency mixers have been used significantly by those who do not want their financial transactions to be tracked. Meanwhile, two hybrid applications, Tornado.cash and Cashfusion, have helped crypto owners make their Ethereum and Bitcoin cash less traceable. The two applications combined recorded more than $ 8 billion in crypto transactions that were deliberately obfuscated.
Over $ 4.8 billion in Ethereum processed through Tornado.cash
Data protection in digital currencies is a big deal for many people. For some people this is not the case and they have no problem with transactions in transparent ledgers monitored by blockchain monitoring firms. Data protection officers, on the other hand, use a number of methods such as using a VPN, using the Tor browser, and accessing token mixers. Towards the end of 2021, the two applications for mixing crypto assets will be launched Tornado.cash and Cash fusion processed over $ 8 billion in digital assets.
Tornado.cash is a Ethereum (ETH) Mixing tool, which is approximately 2,344,835. has seen ether Valued at over $ 4.8 billion in deposits. The application is very popular and was even reviewed by former Bitcoin developer Gavin Andresen in 2020. Tornado.cash also recently announced that it is in the middle of the deployment on the L2 (Layer 2) Ethereum platform Arbitrum One. Of the $ 4.87 billion that was deposited, Tornado.cash users paid $ 7.2 million in network fees Metrics by Dune Analytics.
Statistics also show that there were 12,240 unique depositors and 36,382 unique withdrawal addresses. The $ 4.8 billion deposits were distributed through 98,593 individual deposits from the 12,240 addresses. The proportion of withdrawals made with a relayer is around 70,800, while the traditional withdrawals from the wallet are around 20,233.
More than $ 3.8 billion in Bitcoin Cash merged since November 2019
Another blending project that mixed billions of coins is the cash fusion project run by the Bitcoin Cash (BCH) Community. The mixed application without custody contained in the Electron Cash Wallet has been a popular anonymity tool since November 28, 2019. Cash fusion provides significant transaction obfuscation and the project was reviewed by data analyst James Waugh in January 2020.
Waugh stated at the time that he combed through thousands of transaction inputs and outputs and realized that “it is not possible to establish a concrete connection”. From today and since November 2019 7,293,680 bitcoin cash worth 3.28 billion were processed. So far there have been 6,931,976 inputs and 7,102,213 outputs and BCH The fees are negligible for anyone compared to Ethereum’s 169 satoshis network fees BCH merged.
Both mixed applications are popular today and are used regularly. Fridays, BCH Fans take part in so-called “Fusion Fridays” in order to get a larger amount to melt their coins together. Since Tornado.cash supports Arbitrum One, the fees will be much lower than the average onchain ETH Fee. In addition to mixed applications especially for Ethereum (ETH) and Bitcoin Cash (BCH), the non-custody wallets Wasabi wallet and Samourai purse also offer mixing functions for Bitcoin (BTC).
What do you think of the data protection mixing tools Tornado.cash and Cashfusion? Let us know what you think on this matter in the comments below.
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Source: Crypto News Austria