According to @Flavio_leMec, the legality of on-chain privacy is in focus for builders and traders alike, raising immediate compliance and liquidity questions for privacy tools and tokens, including ZEC and XMR, and for exchanges serving U.S., EU, and UK users, source: @Flavio_leMec tweet on Nov 20, 2025. In the U.S., the Treasury’s OFAC sanctioned Tornado Cash, making interactions with listed mixer addresses sanctionable for U.S. persons and heightening compliance risk for platforms, source: U.S. Treasury OFAC press release, Aug 8, 2022. The U.S. Department of Justice charged Tornado Cash founders with money laundering and sanctions violations, signaling criminal exposure for facilitation of illicit flows, source: U.S. Department of Justice press release, Aug 23, 2023. In the EU, the Transfer of Funds Regulation extends the Travel Rule to crypto-asset service providers, requiring originator and beneficiary data on transfers and pressuring venues to restrict assets and tools that cannot support compliance, source: European Parliament press release on tracing crypto transfers, April 20, 2023. In the UK, the FCA Travel Rule statement requires firms to collect and share beneficiary and originator data when sending or receiving crypto, similarly constraining privacy coins without selective disclosure, source: UK Financial Conduct Authority statement, Aug 17, 2023. FinCEN proposed designating convertible virtual currency mixing as a primary money laundering concern, increasing bank and exchange scrutiny on privacy tooling and flows, source: U.S. FinCEN notice of proposed rulemaking, Oct 19, 2023. Compliance-compatible privacy exists: Zcash supports viewing keys and selective disclosure that enable audits and reporting without public data leakage, which reduces delisting risk versus opaque mixers, source: Electric Coin Company Zcash documentation on viewing keys, official docs accessed 2024. OFAC’s sanctions compliance guidance for the virtual currency industry outlines screening, blocking, and reporting controls that privacy-focused services must integrate to operate lawfully, source: U.S. Treasury OFAC Sanctions Compliance Guidance for the Virtual Currency Industry, Oct 2021. Market outcomes illustrate the trading impact: Binance announced the delisting of XMR in February 2024 amid heightened compliance focus, which reduced centralized venue liquidity for Monero, source: Binance Announcement, Feb 6, 2024. OKX also removed multiple privacy coins in early 2024, reinforcing the pattern of reduced listings and market depth for assets lacking selective disclosure, source: OKX Support Notice, Dec 27, 2023 and Jan 2024 update. Dutch authorities secured a conviction related to Tornado Cash operations in 2024, underscoring European enforcement posture toward opaque mixers and further elevating compliance risk premiums, source: District Court of ’s-Hertogenbosch judgment reported by the Netherlands Public Prosecution Service, May 2024. Taken together, on-chain privacy is possible without breaking the law when protocols implement sanctions screening, selective disclosure, and Travel Rule data transmission, but opaque mixing tools face sustained enforcement and delisting risk that can fragment liquidity and widen spreads for related tokens, source: OFAC 2021 guidance; EU TFR 2023; FCA 2023; FinCEN 2023.

According to @OnchainLens, the GANA Payment project on BSC was exploited for over $3.1M. Source: Onchain Lens on X, Nov 20, 2025. The attacker sent 1,140 BNB (about $1.04M) into Tornado Cash on BSC, bridged the stolen funds to Ethereum, and deposited 346 ETH (about $1.05M) into Tornado Cash. Source: Onchain Lens on X citing ZachXBT on X. The exploiter still holds 346 ETH (about $1.046M) on Ethereum at 0x7a503e3ab9433ebf13afb4f7f1793c25733b3cca; BSC theft addresses are 0x2e8a8670b734e260cedbc6d5a05532264aae5c38 and 0xd10ed57534dc63f2ea9dc0cb0096086f3cc8fa4d. Source: Onchain Lens on X. For trading risk management, monitor these addresses for outflows to DEXs/CEXs that historically precede liquidation activity in similar cases. Source: Chainalysis Crypto Crime Report 2023; Onchain Lens on X. Note that Tornado Cash is sanctioned by the U.S. Treasury’s OFAC, which can trigger compliance screening on related inflows at regulated venues. Source: U.S. Department of the Treasury press release, Aug 8, 2022.

According to @EmberCN, the address linked to the Balancer exploit swapped ETH LST tokens and other non-ETH assets into ETH, then deposited 2,000 ETH (about $6.36 million) into Tornado Cash within the past hour; this activity is visible on-chain. source: x.com/EmberCN/status/1989550291327525232, source: etherscan.io/address/0x0e9c9473d0c504da72763426719f6f03a15544d5 On-chain records for 0x0e9c9473d0c504da72763426719f6f03a15544d5 show multiple deposits to Tornado Cash contracts totaling 2,000 ETH in a one-hour window, indicating active obfuscation of funds. source: etherscan.io/address/0x0e9c9473d0c504da72763426719f6f03a15544d5 @EmberCN adds that moving the stolen ETH through Tornado Cash likely signals the actor is not pursuing a white-hat bounty pathway that would involve returning funds. source: x.com/EmberCN/status/1989550291327525232 For traders, Tornado Cash usage aligns with patterns seen in crypto hacks where mixers are used to launder stolen assets, complicating tracing and recovery; this typically heightens risk perception for related tokens and pools. source: home.treasury.gov/news/press-releases/jy0916, source: blog.chainalysis.com/reports/crypto-crime-mid-year-update-2022-mixers Monitor BAL, Balancer-related pools, and further outflows from the flagged address for potential liquidity shifts and on-chain sell pressure signals tied to the exploit. source: x.com/EmberCN/status/1989550291327525232, source: etherscan.io/address/0x0e9c9473d0c504da72763426719f6f03a15544d5

According to @OnchainLens, the Balancer exploiter has begun moving ETH through Tornado Cash, indicating active on-chain movement of hacked funds; source: https://x.com/OnchainLens/status/1985271840424804814. The flagged flows are tied to the Balancer hacker entity tracked on Arkham Intelligence, enabling wallet-level monitoring of subsequent transfers; source: https://intel.arkm.com/explorer/entity/balancer-hacker. Traders can monitor mixer-bound outflows from the identified addresses to gauge near-term liquidity risk and potential order book impacts for ETH and BAL based on this alert; source: @OnchainLens and the Arkham Intelligence entity page cited above.

According to @lookonchain, wallet 0xa13C received 4,978 ETH from Tornado Cash and sold it at $3,273 about eight hours ago, adding roughly $16.29 million of supply to the market (source: @lookonchain). According to @lookonchain, Richard Heart deposited all 162,937 ETH he bought around $3,800 last year into Tornado Cash, implying an unrealized loss of over $96 million at current levels based on the address data referenced via Arkham (source: @lookonchain; Arkham). According to @lookonchain, the source raised the question of whether the recent sale relates to Richard Heart, but this attribution is unconfirmed and no direct link between 0xa13C and Richard Heart was provided (source: @lookonchain). According to Arkham and the reference shared by @lookonchain, traders can monitor 0xa13C and the cited address 0x7e37daE8099E791C1a996b86f6c938A97a55E2bD for further ETH movements (source: Arkham; @lookonchain).

According to @EmberCN, the address at https://intel.arkm.com/explorer/address/0x7e37daE8099E791C1a996b86f6c938A97a55E2bD sold 4,978 ETH for 16.294 million DAI at an execution price of $3,273 roughly seven hours before the post, after withdrawing these funds from Tornado Cash on Nov 8; source: @EmberCN, Arkham Intel. According to @EmberCN, the same address is suspected to be linked to Richard Heart and had previously deposited 154,000 ETH (reported as $611 million) into Tornado Cash on Nov 5; source: @EmberCN.

According to @lookonchain, three new wallets withdrew 4,920 ETH (about $16.25M) from Tornado Cash and sold the ETH around $3,302. According to @lookonchain, the source provided the new wallet addresses and noted the sales followed the Tornado Cash withdrawals. According to @lookonchain, Richard Heart purchased 162,937 ETH (about $619M) at $3,800 in 2024 and deposited all of it into Tornado Cash two days ago, while attribution of today’s 4,920 ETH sales remains uncertain between him and potential hackers. According to @lookonchain, the 4,920 ETH equals roughly 3% of the cited 162,937 ETH and the sale price near $3,302 is about 13% below the stated $3,800 buy level.

According to @lookonchain, Richard Heart, founder of HEX, PulseChain, and PulseX, deposited 112,978 ETH valued at approximately 366.4 million USD into Tornado Cash over the past 8 hours (source: @lookonchain on X). Tornado Cash has been sanctioned by the U.S. Department of the Treasury since August 2022 (source: U.S. Department of the Treasury OFAC).

According to @EmberCN, a wallet linked to the suspected founder of HEX, PulseChain, and PulseX, Richard Heart, moved 154,000 ETH (about $611 million) on 10/20 and has now deposited the entire amount into Tornado Cash, source: @EmberCN on X. According to @EmberCN, 113,671 ETH (about $379 million) was deposited into Tornado Cash within the most recent 7 hours, highlighting the pace and scale of the transfers, source: @EmberCN on X. According to @EmberCN, these ETH were bought in March 2024 using 621 million DAI at an average price of $3,779 and are currently at a loss, source: @EmberCN on X. According to @EmberCN, traders tracking on-chain flows should note the full migration of these holdings into a mixer and monitor related ETH liquidity conditions and wallet activity for potential market impact, source: @EmberCN on X.

According to @ai_9684xtpa, a wallet cluster suspected to be linked to Richard Heart (founder of HEX and PulseChain) transferred 47,200 ETH to Tornado Cash through four addresses, valued at approximately 151 million USD; source: https://twitter.com/ai_9684xtpa/status/1985879630675656983, addresses: https://intel.arkm.com/explorer/address/0xeC4125FACfe0E58f6B27dF7c49F6758e2adc93c2; https://intel.arkm.com/explorer/address/0x456FDB92da05AD88103E8b576b40EE672B70ad6D; https://intel.arkm.com/explorer/address/0x0Df8Be45cf6Cfbbf5B7984cF1829cf15E7A669CB; https://intel.arkm.com/explorer/address/0x5C8154a1777a0f99345e73b0eaF6FEA6E8cED4C2. The same source reports 63,423 ETH (about 204 million USD) remains on-chain associated with this cluster; source: https://twitter.com/ai_9684xtpa/status/1985879630675656983. These addresses and their transfer activity can be monitored via the Arkham Intelligence explorer links provided; source: https://intel.arkm.com/explorer/address/0xeC4125FACfe0E58f6B27dF7c49F6758e2adc93c2; https://intel.arkm.com/explorer/address/0x456FDB92da05AD88103E8b576b40EE672B70ad6D; https://intel.arkm.com/explorer/address/0x0Df8Be45cf6Cfbbf5B7984cF1829cf15E7A669CB; https://intel.arkm.com/explorer/address/0x5C8154a1777a0f99345e73b0eaF6FEA6E8cED4C2.

According to the source, a new on-chain analysis reports the $116M Balancer exploit was prepared over months, funded through gradual Tornado Cash inflows, with no obvious OPSEC leaks reported. According to the source, the stealth funding and absence of OPSEC mistakes indicate a sophisticated adversary; based on the source, traders should closely monitor BAL liquidity, Balancer pool TVL, and exploit-linked wallet flows for potential prolonged distribution and headline-risk driven sell pressure.

According to @PeckShieldAlert, the Radiant Capital exploiter deposited 5,411.8 ETH (about $20.7 million) into Tornado Cash on Oct 31, 2025, source: PeckShieldAlert on X, Oct 31, 2025. Tornado Cash is a crypto mixer that obfuscates transaction trails and was sanctioned by the U.S. Treasury for facilitating laundering of stolen funds, which complicates tracking and recovery of proceeds from exploits, source: U.S. Treasury (OFAC) press release, Aug 8, 2022. For trading, large hacked-fund deposits into mixers are typically followed by distribution across numerous fresh addresses, making on-chain monitoring of ETH flows critical for risk management, source: Chainalysis 2023 Crypto Crime Report.

According to @OnchainLens, Richard Heart transferred 30,066 ETH (approximately $125.09 million) to a new wallet, with 29,804 ETH (approximately $124 million) routed via Tornado Cash, and cited the following addresses: 0x91E29CEA3CDe7866e679D19CC874d1196163230c, 0x1B5312E3E2ce21f65D0f1FB1785eCC0B392d1B1f, 0x0F92C105582b114145CD69d8a19eea5fB9A19749, and 0x7eecF3037B4b08f3f2198f6d59d5ca7eecaA723d (source: @OnchainLens on X, Oct 27, 2025). According to Tornado Cash documentation, the mixer obfuscates links between source and destination addresses, reducing traceability of subsequent ETH flows and complicating real-time sell-side monitoring (source: Tornado Cash documentation on GitHub). According to the U.S. Treasury OFAC press release dated Aug 8, 2022, Tornado Cash is under sanctions, implying centralized venues may apply stricter screening to related inflows, a factor traders consider when monitoring large transfers (source: U.S. Treasury OFAC press release, Aug 8, 2022). According to @OnchainLens, the disclosed addresses provide concrete points for on-chain tracking of any subsequent movements that could influence near-term ETH liquidity profiles (source: @OnchainLens on X, Oct 27, 2025).

According to @lookonchain, Richard Heart, founder of HEX, PulseChain, and PulseX, deposited 25,000 ETH approximately $102M into Tornado Cash within the past hour, based on on-chain monitoring, source: @lookonchain on X, Oct 26, 2025. Tornado Cash is designated by the U.S. Treasury’s OFAC, which increases compliance screening risk for related flows at exchanges and service providers, source: U.S. Department of the Treasury press release, Aug 8, 2022. Traders monitoring ETH can track subsequent wallet hops and any exchange inflows linked to this transfer to assess near-term liquidity and volatility, source: @lookonchain on X, Oct 26, 2025.

According to Onchain Lens, Richard Heart moved 11,558 ETH (about $46.91 million) into a new wallet at 0x7eecF3037B4b08f3f2198f6d59d5ca7eecaA723d and began transferring funds through Tornado Cash on Oct 26, 2025 (source: Onchain Lens on X; Arkham Intelligence address explorer for 0x7eecF3037B4b08f3f2198f6d59d5ca7eecaA723d). The use of Tornado Cash, a mixer designated by the U.S. Treasury’s OFAC for obscuring transaction origins, complicates downstream tracking and exchange-deposit detection for traders (source: U.S. Treasury/OFAC press release; Arkham Intelligence address explorer observations linked in the alert). Traders should monitor subsequent transfers from the 0x7eecF3...723d wallet and Tornado Cash-related flows to gauge potential changes in on-chain ETH supply using the Arkham Intelligence explorer referenced by the alert (source: Arkham Intelligence address explorer; Onchain Lens on X).

According to @ai_9684xtpa, an address allegedly tied to Richard Heart (HEX and PulseChain founder) moved 11,558 ETH to a new wallet roughly 15 minutes prior to the post and began batching transfers to Tornado Cash, following a 10,900 ETH deposit to Tornado Cash on Oct. 24 (source: @ai_9684xtpa, Oct 26, 2025). The receiving wallet 0x7eecF3037B4b08f3f2198f6d59d5ca7eecaA723d has already sent out 7,300 ETH valued at $29.56 million toward Tornado Cash, per the shared on-chain link (source: @ai_9684xtpa; Arkham Intel address 0x7eecF3037B4b08f3f2198f6d59d5ca7eecaA723d). The post notes these transfers tend to occur during market upswings, highlighting timing sensitivity for traders (source: @ai_9684xtpa). Tornado Cash is a mixer sanctioned by the U.S. Treasury for facilitating obfuscation of crypto flows, which complicates attribution of subsequent movements (source: U.S. Treasury/OFAC press release, Aug 8, 2022; Chainalysis 2023 Crypto Crime Report). For trading, monitor continued outflows from 0x7eecF3037B4b08f3f2198f6d59d5ca7eecaA723d and corresponding Tornado Cash inflows and set alerts to track whether mixed funds later appear at exchange-linked addresses via entity-tagged explorers (source: Arkham Intelligence explorer link provided by @ai_9684xtpa; Chainalysis analytics on mixer usage).

According to @ai_9684xtpa, a wallet the source attributes to Richard Heart, founder of HEX and PulseChain, transferred 115,580 ETH to a new address roughly 15 minutes before the report after previously routing 10,900 ETH to Tornado Cash on Oct 24, 2025. Source: @ai_9684xtpa on X, Oct 26, 2025. The receiving address 0x7eecF3037B4b08f3f2198f6d59d5ca7eecaA723d has already sent out 7,300 ETH in batches to Tornado Cash, worth about 29.56 million dollars at the time noted. Sources: @ai_9684xtpa on X and Arkham Intel address 0x7eecF3037B4b08f3f2198f6d59d5ca7eecaA723d. Based on the reported inflow and observed outflows, an estimated 108,280 ETH from this tranche could still be moved, which flow-focused traders may track intraday. Source: calculation from @ai_9684xtpa figures and Arkham Intel address activity. The source also observes these transfers have coincided with price upswings in prior instances and flags continued monitoring of further outflows. Source: @ai_9684xtpa on X. For real-time verification and tracking, monitor Arkham Intel address 0x7eecF3037B4b08f3f2198f6d59d5ca7eecaA723d. Source: Arkham Intel address page.

According to @PeckShieldAlert on X dated Oct 23, 2025, the Radiant Capital exploiter swapped about 16 million DAI for 4,345.6 ETH in two batches comprising 1,511 WETH and 2,834 ETH, providing a clear on-chain record of stablecoin-to-ETH conversion relevant for traders tracking ETH flows for risk management, source: @PeckShieldAlert on X, Oct 23, 2025. According to @PeckShieldAlert on X dated Oct 23, 2025, the same address subsequently deposited 2,834.6 ETH into Tornado Cash, a movement flagged by the source as an on-chain alert that traders can monitor for further flow analysis, source: @PeckShieldAlert on X, Oct 23, 2025.

According to @lookonchain, wallets suspected to be tied to Richard Heart transferred 153,241 ETH (about $608M) to new wallets over the past 5 hours. According to @lookonchain, these wallets previously accumulated 162,937 ETH (about $619M) across 25 wallets between Mar 4–8, 2024 at an average purchase price of $3,800. According to @lookonchain, the 153,241 ETH moved equals roughly 94% of the 162,937 ETH previously accumulated. According to @lookonchain, related wallets also deposited 9,500 ETH (about $37.43M) into Tornado Cash over the past six months.

According to @EmberCN, a cluster of addresses suspected to be tied to Hex, PulseChain, and PulseX founder @RichardHeartWin transferred 81,000 ETH worth about $323 million within the past 5 hours, highlighting significant on-chain activity that traders track for potential liquidity impacts, source: @EmberCN. According to @EmberCN, the same address cluster reportedly purchased 132,000 ETH on-chain in March 2023 using 499 million DAI at an average cost of $3,770 per ETH, source: @EmberCN. According to @EmberCN, aside from 9,500 ETH sent through Tornado Cash over the past six months, the remainder of these holdings had largely stayed in place until this recent movement, source: @EmberCN. According to @EmberCN, the 81,000 ETH was redistributed across multiple wallets listed in the report, underscoring a notable consolidation or redistribution pattern rather than a single destination, source: @EmberCN. Based on the reported $323 million valuation for 81,000 ETH, the transfers imply a contemporaneous reference price near $3,990 per ETH, a figure derived from the author’s data, source: @EmberCN. Based on those figures, selling the transferred tranche at the implied price would equate to roughly $220 per ETH in gross profit versus the reported $3,770 average entry, or about $17.8 million across 81,000 ETH, calculation based on data from @EmberCN. According to @EmberCN, the thread does not indicate deposits to centralized exchanges or DEX routers, so the on-chain intent remains unconfirmed from the provided evidence, source: @EmberCN.