How Tornado Cash Usage Has Changed Since Sanctions Were Lifted

This report describes Tornado Cash’s operation as a non-custodial Ethereum mixer, recounts its 2019 launch and 2022 OFAC sanctions for allegedly laundering more than $1 billion including funds tied to the Lazarus Group, and covers the U.S. Treasury’s March 2025 decision to lift those sanctions; it also reviews subsequent token-price movement and usage trends while warning that malicious actors may continue to use the protocol for illicit fund transfers.