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Users have stopped depositing in the protocol since the sanction against Tornado Cash. Many users have also withdrawn their funds.

After Tornado Cash was approved by the US Treasury, there was a significant drop in deposits and an increase of withdrawals.

According to data from The Block Research, only $6 million has been transferred into the protocol since the sanctions were lifted. This is a 78.5% decrease compared to the week before.

Users have also rushed to withdraw funds, leading to increased volumes. Sixty-two million dollars has been withdrawn by the protocol since the announcement of the sanctions. This decreases the crypto stored in its addresses by 15%. In the first three hours, $14.7 Million was withdrawn.

Other impacts have been had on protocol users by the sanctions. Circle has frozen $75,000 USDC, which was in the addresses. Crypto infrastructure services have begun limiting access to this protocol and the decentralized exchange (dYdX) has begun blocking accounts that are tied to it.

One user sent small amounts of Ethereum from sanctioned wallets into wallets belonging to celebrities like Randi Zuckerberg, Logan Paul and Shaq to protest the bans.

The post A Huge Drop in Demand for Deposits as Tornado Cash Users Look for Alternatives first appeared on The Daily Encrypt.


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Angie Byrd