制裁对去中心化隐私工具的影响：以Tornado Cash为例
The Impact of Sanctions on decentralised Privacy Tools: A Case Study of Tornado Cash
AI总结：
本文以Tornado Cash为例，研究制裁对去中心化隐私工具的影响，基于三大区块链数据发现制裁导致其交易规模等显著下降，制裁解除后恢复有限，揭示了监管对去中心化协议的影响及执行挑战。
摘要：
本文研究了制裁对Tornado Cash（一种旨在增强交易隐私的智能合约协议）的影响。2022年8月美国财政部对Tornado Cash实施制裁后，平台活跃度大幅下降。我们记录到制裁实施后，交易规模、用户多样性和协议整体利用率出现显著且持续的下降。我们的分析基于以太坊、BNB智能链和Polygon这三大区块链的交易数据。我们进一步研究了2025年3月美国外国资产控制办公室（OFAC）部分解除并最终取消制裁后的发展情况。尽管活跃度部分恢复，但反弹幅度有限。Tornado Cash案例表明监管干预会影响去中心化协议，同时也凸显了在去中心化环境中全面执行此类措施的挑战。
英文摘要：
This paper investigates the impact of sanctions on Tornado Cash, a smart contract protocol designed to enhance transaction privacy. Following the U.S. Department of the Treasury's sanctions against Tornado Cash in August 2022, platform activity declined sharply. We document a significant and sustained reduction in transaction volume, user diversity, and overall protocol utilization after the sanctions were imposed. Our analysis draws on transaction data from three major blockchains: Ethereum, BNB Smart Chain, and Polygon. We further examine developments following the partial lifting and eventual removal of sanctions by the U.S. Office of Foreign Assets Control (OFAC) in March 2025. Although activity partially recovered, the rebound remained limited. The Tornado Cash case illustrates how regulatory interventions can affect decentralized protocols, while also highlighting the challenges of fully enforcing such measures in decentralized environments.
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