SilentSwap launched its V2 version. It is a cross-chain swap protocol focused on privacy, operated by the offshore entity SquidGrow LLC.
The platform allows token swaps across eight blockchains and sends assets to up to 16 destination wallets in a single transaction, offering “Semi-private” and “Max Privacy” modes designed to protect user information and transaction details.
According to the Terms of Service, SilentSwap does not collect personal data and deletes transaction records daily. The company claims compliance with OFAC and AML regulations but explicitly prohibits the use of the platform by any person or entity residing in, being a citizen of, incorporated in, or having a registered office in the United States. This combination of anonymity, data deletion, and geographic restrictions creates a technical challenge in enforcing the ban on U.S. users or ensuring regulatory compliance.
Its operation contrasts with Tornado Cash, which ran through immutable smart contracts without a company or Terms of Service. Tornado Cash was sanctioned by OFAC in 2022, but the sanctions were reversed in 2024 and lifted in March 2025. Unlike that protocol, SilentSwap operates under a centralized corporate structure, making it subject to sanctions as a legal entity.
Its founder, known under the pseudonym Shibtoshi, gained notoriety during Shiba Inu’s 2020-2021 bull run by converting 37 ETH into 104 trillion SHIB tokens, valued at over $5.7 billion at their peak. Shibtoshi asserts that privacy is crucial for institutional capital to operate on-chain without competitors monitoring transactions in real time.
Since its launch, the platform has reported $7.8 million in swapped assets across 2,623 transactions. SilentSwap aims to position itself as a private and regulated alternative to other mixing services, combining the security of a corporate infrastructure with the efficiency of multi-chain swaps.
