Key Takeaways:
- Twister Money attracted $1.9 billion in deposits within the first half of 2024 regardless of going through sanction.
- Latest hacks funneled massive quantities via Twister Money.
- Twister Money co-founders face important authorized challenges globally.
Twister Money reaches $1.9 billion in deposits throughout the first half of the yr, seeing a resurgence in 2024. That is regardless of ongoing authorized battles and sanctions for the sanctioned cryptocurrency mixer. The surge represents a 50% improve from the complete 2023 quantity.
Twister Money Deposits Surged After Yr of Low Exercise
The Workplace of International Property Management (OFAC) sanctioned Twister Money in August 2022 after discovering its use by the North Korean Lazarus Group to launder $455 million in stolen funds. The OFAC sanctions create extreme penalties for customers. Anybody interacting with the protocol faces blacklisting. This implies crypto exchanges following the legislation received’t settle for their wallets.
In consequence, customers can’t simply flip their crypto into fiat via main exchanges. Regardless of this threat, the crypto mixer stays fashionable with hackers making an attempt to cover stolen funds.
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Blockchain analytics agency Arkham Intelligence studies that hackers behind latest high-profile exploits have funneled important quantities via this platform. The Poloniex trade hacker transferred $76 million, whereas the HECO Bridge and Orbit Chain attackers moved $166 million and $48 million, respectively.
Most not too long ago on July 18, hackers struck the Indian crypto trade WazirX, stealing $235 million. Investigators have now traced a direct connection to crypto mixer. They found that one of many confirmed pockets addresses concerned within the WazirX hack acquired funds via a Twister Money deposit.
Trade Backlash Towards Sanctions
These incidents raised questions concerning the platform’s privateness, safety, and regulation within the crypto house. Crypto trade figures are difficult the sanctions via an ongoing lawsuit, arguing that they violate free speech rights and are unconstitutional. Main gamers like Coinbase and advocacy teams have thrown their assist behind this authorized battle.
In the meantime, the U.S. Treasury maintains that crypto mixers pose a nationwide safety risk, citing it’s failure to implement ample anti-money laundering controls.
The platform’s co-founders face their very own authorized challenges. Alexey Pertsev acquired a five-year jail sentence within the Netherlands for cash laundering. Roman Storm, arrested within the U.S., pleaded not responsible and was launched on a $2 million bond. The third co-founder of Twister Money, Roman Semenov, stays at massive.