US Treasury restricts cryptocurrency mixer Tornado Cash for laundering at least USD7

(MENAFN) The US Treasury Department declared on Monday that it has forced restrictions on cryptocurrency mixer Tornado Cash for laundering at least USD7 billion value of virtual currency for the last 3 years.

As mentioned by department statement, the total contains the biggest known virtual currency robbery of USD455 million, stolen by the Lazarus Group, a North Korean state-sponsored hacking group that was restricted by the US 3 years ago.

Tornado Cash was stolen to launder USD96 million of cyber performers’ assets derived from the Harmony Bridge Heist on June 24, 2019, and $7.8 million from the Nomad Heist on Aug. 2.

Brian Nelson, Treasury under secretary for terrorism as well as economic intelligence, stated in an announcement that “Despite public assurances otherwise, Tornado Cash has repeatedly failed to impose effective controls designed to stop it from laundering funds for malicious cyber actors on a regular basis and without basic measures to address its risks.”


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