Stolen Funds Hiding Place of Choice: Mixer

The privacy-focused mixer has been at the heart of many DeFi exploits over the past 12 months, as users have repeatedly tried to hide stolen funds' source. Because it's at the end of the chain, it is easiest for

Tornado Cash, a popular cryptocurrency mixing service, has released its code for the user interface (UI) — fulfilling its goal to be completely decentralized and transparent.

On Thursday, the anonymous developers of Tornado Cash Classic announced that the protocol's UI had been fully open-sourced in a Medium post. Although Tornado Cash's UI has been decentralized since 2020, its open sourcing means that anyone can analyze its UI pools and make pull requests to improve the project. In software development terms, a pull request is when a developer is ready to merge new code changes with the project's main repository.

Tornado Cash's open-sourcing allows anyone to fork the repository and modify the code as they see fit.

"We personally became fond of the black & green floating astronaut on the protocol’s website," the developers said, referring to its current interface. "But you should know our motto by now: we will always favor more decentralization. As far as we are concerned, our DAO has taken a step forward with this progress."

Tornado Cash announced its DAO in mid-2020. It is an internet-native organization collectively managed by its members with no central authority or leadership.

Tornado Cash's total value locked peaked north of $1.1 billion in October 2021. Source: DeFi Llama.
In October 2021, the total value locked by Tornado Cash was north of $1.1 billion. Source: DeFi Llama.

DeFi Llama says that Tornado Cash currently has over $300 million in total value locked, or TVL. This figure was closer to $850 million in November 2021 when the project announced the launch of its layer-2 scaling network on Arbitrum.

Tornado Cash, a protocol for decentralized finance, has been at the center of several exploits, including the $375 million wormhole attack in February and the recent $100 million Horizon Bridge hack. As a mixer, Tornado Cash allows cryptocurrency users to obscure transaction trails. Currently it can mix up to 100 ETH at a time.