The U.S. government’s latest effort to crack down on the illicit use of cryptocurrency by rogue foreign regimes and criminals is running into resistance from the industry itself, including one of its largest and most influential players.
Earlier this month, the Treasury Department sanctioned Tornado Cash, a cryptocurrency service it alleges has allowed North Korean hackers and others to launder billions of dollars’ worth of digital assets stolen in virtual heists. Typically, sanctions target individuals, countries or companies, and U.S. firms comply by ensuring they avoid doing business with them.
But the sanctions aimed at Tornado Cash are novel. Tornado Cash is known as a mixer, obscuring the source of digital assets by pooling them together before users withdraw them. It exists as software code on a decentralized, globe-spanning network of computers, and its authors wrote it in such a way that even they can’t edit it. Crypto industry leaders say they are not sure what they need...
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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...