The United States Treasury Department has sanctioned one of the world's most popular crypto mixing platforms, Tornado Cash.
The assets of the platform that may be resident in the US or under the control of American citizens are also expected to be reported to the Department of the Treasury’s Office of Foreign Assets Control (OFAC). The sanctions became necessitated as the Treasury Department claimed that the platform has continued to facilitate money laundering for hacker groups like the North Korean government-sponsored Lazarus Group.
According to the Treasury Department, Tornado Cash has been used to process as much as $7 billion since it was first introduced in 2019. Of this amount, about $455 million belongs to the Lazarus Group.
“Today, Treasury is sanctioning Tornado Cash, a virtual currency mixer that launders the proceeds of cybercrimes, including those committed against victims in the United States,” said Under Secretary of the Treasury for Terrorism and Financial...
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