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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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I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.