U.S. Treasury officers have lifted sanctions on Tornado Cash, a crypto mixer that the U.S. authorities beforehand mentioned was used to launder $7 billion value of crypto stolen by North Korean hackers.
In a press release, the Treasury mentioned it “exercised our discretion” to delist Tornado Cash following a authorized battle. Sanctions make it unlawful for Americans or U.S. companies to transact with a listed entity.
Crypto mixers enable clients to hide the place their crypto got here from, together with tainted or illicit funds, by mixing the funds with different crypto.
In 2022, the Treasury accused the “infamous” Tornado Cash of laundering stolen crypto from hacks carried out by North Korea, whose objective is to steal crypto to fund its nuclear weapons program. In August 2023, the 2 founders of Tornado Cash have been criminally charged in a New York federal courtroom, accused of conspiracy to launder cash and sanctions violations.
The Treasury mentioned following its delisting of Tornado Cash that it stays “deeply involved” about the specter of crypto hacks from the North Korean regime.
