U.S. has accused a currency mixer, Tornado Cash, of money laundering and sanctions it

Karimi & Associates Law Firm represents according to U.S. Department of the Treasury:

U.S. sanctioned virtual currency mixer Tornado Cash, which has been facilitating virtual currency laundering with the worth of more than $7 billion since its establishment.

This platform has been accused of supporting hackers and cyber criminals specially from North Korea, to make their currencies untraceable.

The currency mixers are providing services that mix identifiable or tainted crypto currency funds with others to obscure tracing the original source. The duty of currency mixers is to improve the anonymity and privacy but they have been used to cryptocurrency laundering.

The Lazarus Group, an introduced North Korean government-backed hacking group that has accomplished numerous data breaches, both politically and financially, has been used Tornado Cash to launder $455 million. This group has breached the data privacy of Sony pictures in 2014.

In this matter the Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson said “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,”

As result of the sanctions all property of the Tornado Cash in United States will be blocked. Furthermore, any person who owned 50 percent or more capital of the entity will be blocked by United States, and they are prevented from conducting any transactions with Americans real and legal entities.

Leave a Comment

Your email address will not be published.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

Scroll to Top