U.S. residents and citizens can apply for a license to recover any funds they have that are locked in Tornado Cash, the Treasury Department said Tuesday.
The U.S. Treasury Department's Office of Foreign Asset Control (OFAC), its sanctions watchdog, updated its "frequently asked questions" (FAQs) document Tuesday to provide guidance for the crypto industry on how people and companies can remain compliant with sanctions against Tornado Cash, the Ethereum privacy mixer blacklisted last month on allegations that North Korean hackers used it to launder funds.
The sanctions saw an immense backlash from the crypto industry, with concerns ranging from whether software could be sanctioned to how people using Tornado Cash for legal purposes could recover any funds locked in the tool's smart wallets. While Treasury did not address the software concerns, the FAQs said people could request an OFAC license to withdraw their funds.
"U.S. persons should be prepared to provide, at a minimum, all...
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