2022 Fintech and Funding Conference (FFCON22: REGEN) | Dec 1 + Dec 6, 2022 Hybrid

Tornado Cash Virtual Currency Mixer Sanctioned by the U.S.

Reuters | Christopher Bing and Daphne Psaledakis | Aug 8, 2022

Tornado cash - Tornado Cash Virtual Currency Mixer Sanctioned by the U.S.WASHINGTON, Aug 8 (Reuters) - The United States on Monday imposed sanctions on virtual currency mixer Tornado Cash, accusing it of helping hackers, including from North Korea, to launder proceeds from their cyber crimes.

  • A senior Treasury Department official said Tornado Cash, one of the largest mixers identified as problematic by the Treasury, has reportedly laundered more than $7 billion worth of virtual currency since it was created in 2019.
  • Monday's move freezes any U.S. assets of the mixer and generally bars Americans from dealing with it.

See:  Lex Fridman Podcast with Brett Johnson: US Most Wanted Cybercriminal

  • The Lazarus Group, a well-known North Korean government-backed hacking group that has conducted numerous data breaches, both politically and sometimes financially motivated, has laundered at least $455 million through Tornado Cash, the Treasury said.
    • U.S. and South Korean officials say North Korea controls thousands of hackers that steal funds, including cryptocurrencies, to finance its weapons programs.  Pyongyang has denied the accusations.
  • In May, the U.S. Treasury also targeted virtual currency mixer Blender, imposing sanctions for the first time on a mixer - a software tool that pools and scrambles cryptocurrencies from thousands of addresses. read more

Continue to the full article --> here


NCFA Jan 2018 resize - Tornado Cash Virtual Currency Mixer Sanctioned by the U.S.The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Tornado Cash Virtual Currency Mixer Sanctioned by the U.S.FF Logo 400 v3 - Tornado Cash Virtual Currency Mixer Sanctioned by the U.S.community social impact - Tornado Cash Virtual Currency Mixer Sanctioned by the U.S.

Support NCFA by Following us on Twitter!







NCFA Sign up for our newsletter - Tornado Cash Virtual Currency Mixer Sanctioned by the U.S.




 

Leave a Reply

Your email address will not be published. Required fields are marked *

6 + 3 =