‘Zero-Knowledge’ Crypto Mixer Security Team Under Development, Says Former Tornado Cash Developer
The security team, the successor to the legally sanctioned crypto mixer Tornado Cash is currently in development. One of the developers who worked on Tornado Cash is currently creating a new platform that is said to comply with the legal rules. The developer has posted the code of the new service on GitHub. With this platform, the developer aims to provide the same services as Tornado Cash, but with a more legal-friendly approach. According to the developer, the code posted on GitHub is experimental only.
Upcoming Security Teams service will use zero-knowledge proofs allowing users to seek more privacy in Cryptocurrency trading, to prove that they are not linked to terrorism or hacking groups, according to Ameen Soleimani, former Tornado Cash developer. Privacy mixers like tornado cash often abused by cryptocurrency thieves.
These mixers allow people to deposit their stolen tokens into a common pool of crypto tokens and then transfer their stolen funds to a secret wallet. The process is designed to circumvent any traces of stolen funds that investigators may have traced. Cryptocurrency scam or case of fraud.
Last year, Tornado Cash attracted the attention of US authorities. Private mixer report laundered $7 billion worth of illegal money (approximately Rs 57,911).
The FBI even suspects that North Korean hackers used Tornado Cash to escape with $455 million worth of stolen crypto (approximately Rs 3,763). Meanwhile, the US Office of Foreign Assets Control (OFAC) imposed sanctions on Tornado Cash last August for illegal money laundering through crypto assets.
Alexey Pertsev, the brains behind the current Tornado Cash serve served time in prison under Dutch police supervision without being charged.
Rate of funds passing through crypto mixers from cybercriminal custody report touched $51.8 million (approximately Rs. 413 crore) in April 2022. This marks the highest volume of crypto to date transferred to destination wallets via crypto mixers.
While law enforcement agencies in the United States have tightened the noose around crypto security mixers, blockchain security firms like string analysis is working to come up with tools that can reverse engineer and split transactions processed through crypto mixers.
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