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Mon Aug 8, 2022, 11:06 AM

U.S. sanctions crypto mixing service Tornado Cash, citing North Korea ties

Yahoo Finance

U.S. sanctions crypto mixing service Tornado Cash, citing North Korea ties

David Hollerith and Jennifer Schonberger
Mon, August 8, 2022 at 10:52 AM

The U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) announced Monday it sanctioned major web3 mixing service, Tornado Cash. ... OFAC said the service is often used by well known North Korean state sponsored hacking cell Lazraus Group, a cohort of prolific crypto hackers which are known to use stolen funds to help the rogue state finance its nuclear weapons program.

"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," said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson.

Crypto mixing services aim to obscure the transparency of crypto transactions, shuffling together batches of hundreds to thousands of transactions.

In addition to sanctioning Tornado Cash itself, entities that are majority-owned by anyone who is blocked by these sanctions are also blocked from transacting in the U.S. All transactions in the U.S. or transmitting to the U.S. that involve any property or interests of those sanctioned are banned, unless authorized by OFAC.

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