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US Sanctions Cryptocurrency Company for Allowing Hackers to Launder Money

Tornado allows you to easily convert cryptocurrencies to others. | Font: twister

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The United States this Monday imposed financial sanctions against the so-called “faucet cryptocurrencies” TornadoCashaccused of having been used since 2019 to launder over $7 billion worth of virtual currency, including in connection with North Korea.

“Sanctions of the Ministry of Finance twister Cash, a virtual currency mixer that launders money from cybercrimes, including those committed against victims in the United States,” Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson said in a statement.

Its users’ connections to North Korea

According to Washington, money laundering activities TornadoCash “include more than $455 million stolen Lazarusstate-sponsored hacker group from the Democratic People’s Republic of Korea (DPRK) that came under U.S. sanctions in 2019 as part of the largest heist of virtual currency,” the Treasury Department said.

The statement emphasizes that “Tornado Cash repeatedly failed to implement effective controls” to prevent money laundering by “malicious cyber actors” despite public claims to the contrary.

In May, Washington imposed financial sanctions against cryptocurrenciesBlender.io, which was also involved in virtual money laundering North Korea. (AFP)

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