Heard on the Block: "crypto mixer"

Wednesday, May 24, 2023 by Snacks

💵 When you pay in cash so that it doesn't show up on your credit-card bill…

Like an anonymous Venmo, crypto mixers can offer privacy on public blockchains by hiding a coin’s transaction history. Broadly speaking, these services break the connective tissue between crypto put in and crypto pulled out, allowing folks to move digital currency more anonymously. Last year mixers processed nearly $8B in cryptocurrency.

Tornado Cash, a mixer sanctioned by the US government last year, was hijacked. The attacker swapped stolen tokens for 372 ethereum (worth about $688K), before using the Tornado Cash smart contract itself to mix the loot.

Subscribe to Snacks