While blockchain monitoring has increased a great deal during the last few years, cryptocurrency mixers have seen significant use from those who don’t want their financial transactions tracked. Two mixing apps, Tornado.cash, and Cashfusion have made it easier for crypto-owners to trace their bitcoin cash and ethereum. Combining the two applications, they combined to record more than $8Billion in crypto transactions which have been deliberately obscured.
Tornado.cash Processes Ethereum More Than $4.8 Billion
Many people are concerned about digital currency privacy. To some people, it’s not and they have no issues transacting on transparent ledgers that are monitored by blockchain surveillance firms. Privacy advocates have a variety of options, such as using Tor browser to access token mixers, leveraging VPNs, or using Tor browser. Two crypto asset mix applications, Tornado.cash or Cashfusion, have already processed more than $8.3 billion in digital assets as the 2021 end approaches.
Tornado.cash, an ethereum mixing tool (ETH), has received approximately 2,344,835 Ethereum worth over $4.8 billion in deposits. This application is popular. Gavin Andresen, a former Bitcoin developer reviewed it in 2020. Tornado.cash has also recently announced it’s in the midst of deploying on the L2 (layer 2) Ethereum platform Arbitrum One. Based on metrics provided by Dune Analytics, Tornado.cash users spent $7.2 Million in network fees from the $4.87 Billion deposited.
Further statistics show that the total number of depositors was 12,240 and the withdrawal addresses were 36,382 respectively. The 12,240 addresses received $4.8 billion of deposits. 98.593 individual deposits were responsible for the distribution. Relayer withdrawals account for roughly 70% of all withdrawals, while traditional wallet withdrawals make up around 20%.
Bitcoin Cash Fused since November 2019: More Than $3.8 Billions
A second mixing project has witnessed a handful of billions in coins being mixed by Cashfusion, which is facilitated by the Bitcoin cash (BCH), community. The non-custodial mixing application that’s featured in the Electron Cash wallet has been a popular anonymity tool since November 28, 2019. James Waugh, data analyst on Cashfusion reviewed the project in January 2020. He found that it offers substantial transaction concealment.
Waugh explained at the time that he combed through thousands of transaction inputs and outputs and realized that it’s “not possible to establish a concrete link” between them. Since November 2019, 729,680 bitcoin cash valued at 3.28 Billion has been transferred. There have been 6,931,976 inputs and 7,102,213 outputs to date and BCH fees are negligible in comparison to Ethereum’s network fees at 169 satoshis for every BCH fused.
These two mixing apps are very popular and they are both used regularly. On Fridays, BCH fans participate in what’s called “Fusion Fridays,” in order to get a larger crowd fusing their coins together. Tornado.cash supports Arbitrum One which means that fees will be lower than average onchain Ethereum fees. The non-custodial wallets Wasabi and Samourai offer mixed features that allow you to use bitcoin (BTC) in addition to mixing apps for ethereum and bitcoin cash.
Do you have any thoughts about Tornado.cash, Cashfusion and other privacy-mixing software? Please comment below on your views.
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