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8/8, 4:56 PM (Source: TeleTrader)
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Tornado Cash sanctioned by US over laundering $7B

The United States Treasury Department's Office of Foreign Assets Control (OFAC) announced on Monday that it sanctioned cryptocurrency mixer Tornado Cash over money laundering. According to the Treasury Department, since 2019, the Tornado Cash service has been "used to launder more than $7 billion worth of virtual currency."

"This includes over $455 million stolen by the Lazarus Group, a Democratic People's Republic of Korea (DPRK) [North Korea] state-sponsored hacking group that was sanctioned by the U.S. in 2019, in the largest known virtual currency heist to date," the department added.

Although they can increase privacy, virtual mixing currency services can also enable users to hide the origin of their cryptocurrency funds. Tornado Cash operates on the Ethereum blockchain.

Baha Breaking News (BBN) / MS