US Sanctions 'Tornado Cash' for Laundering Crypto Funds

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US Sanctions 'Tornado Cash' for Laundering Crypto Funds to North Korea

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The North Korean hackers allegedly used the cryptocurrency-mixing service Tornado Cash to launder funds tied to two major heists earlier this year.

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On Monday, the US Treasury Department announced the sanctions to block the illegal activity occurring over the service.

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The sanctions prohibit U.S. citizens and businesses from using the service.

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Tornado Cash has laundered more than $7 billion worth of virtual currency since it was created in 2019, the Treasury said.

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Tornado Cash currently has over 39,000 unique users and markets itself as a provider of private transactions.

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Tornado Cash founder Roman Semenov was booted from Github, the official website has been take down, and TORN token fell by 30% in a day.

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The legal debate over placing sanctions on smart contracts is sure to be one to watch.

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