US sanctions cryptocurrency mixer that allegedly laundered over $7 billion
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.
Tornado Cash runs on the Ethereum blockchain. Officials said the mixer played a role in other large-scale thefts, including the Harmony Bridge heist from June and this month's Nomad attack . The government has taken legal action against crypto mixers for years. Federal law enforcement charged an Ohio man in 2020 for running a darknet mixer that helped criminals. The Treasury only started sanctioning mixers when it blocked Blender this May, however. The US now believes criminal-friendly mixers are a national security threat, and hopes efforts like these will curb both terrorism as well as attempts to dodge conventional sanctions.
All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Customers Are Swapping Olaplex for This ‘Magic’ $7 Collagen Hair TreatmentAmazon shoppers are obsessed with this super-affordable collagen treatment! See why this has become so many shoppers' holy grail below.
Read more »
2022 Alaska election guide: Q&As with candidates for U.S. House, U.S. Senate and governorWe invited Alaska's candidates for statewide office — U.S. Senate, U.S. House and governor — to give their views on key issues and to discuss their priorities, if elected, ahead of the Aug. 16 elections. Here's what they had to say.
Read more »
BREAKING: Ethereum-Based Mixer Tornado Cash Sanctioned by U.S. GovernmentThe action has prohibited U.S. investors from interacting with the controversial service
Read more »
U.S. Bishops Blast Biden over Executive Order ‘Facilitating Abortion’The U.S. Bishops’ Conference (USCCB) has censured President Joe Biden for this week’s executive order aimed at streamlining abortion access.
Read more »
Elite Houston hospitals reach top spot on annual Best Hospitals list by U.S. News & World ReportThe rankings for the yearly study are based on patient care and safety, outcomes, reputation, nursing, and advanced technology of the hospitals.
Read more »
Voyager to Allow Cash Withdrawals for Customers With US Dollars Held in Accounts – Bitcoin NewsAfter the cash withdrawal gates are open, Voyager customers can withdraw up to $100K in cash via an automated clearing house (ACH) transfer. CryptoBankruptcy
Read more »