February 24, 2024

US imposes sanctions on cryptocurrency mixer that allegedly laundered over $7 billion

The US is ramping up its efforts to crack down on shady cryptocurrency mixers. The Treasury Department has imposed sanctions on Tornado Cash, a mixer that allegedly helped launder more than $7 billion in stolen crypto funds since its inception in 2019. Like a previous sanctions target, Blender, Tornado Cash is accused of “indiscriminately” helping thieves by hiding transaction details while failing to institute meaningful anti-laundering safeguards. North Korea’s state-sponsored Lazarus Group hackers are believed to have funneled $455 million through the mixer.

The sanctions block transactions with or for the benefit of Tornado Cash-related individuals and entities, whether they’re located in the US or controlled by Americans. Anyone who detects banned activity is required to inform the Treasury’s Offices of Foreign Assets Control.

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