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The U.S. Department of Treasury on Monday sanctioned the popular cryptocurrency mixer Tornado Cash, banning Americans from using a service that the government said, “launders the proceeds of cybercrimes.”
“Despite public assurances otherwise, Tornado Cash has repeatedly failed to impose effective controls designed to stop it from laundering funds for malicious cyber actors on a regular basis and without basic measures to address its risks,” Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson said in a statement.
Crypto asset mixers are designed to obscure trails of funds by blending someone’s tokens with a pool of other individuals’ assets on the platform. They go beyond traditional crypto platforms in further concealing the identity of the people involved in transactions.
While Tornado Cash is used by some people just as a legitimate way to protect their privacy, the government says it fosters illicit activity, including “facilitation of...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...