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US Treasury Sanctions USDC and ETH Addresses Connected to Tornado Cash

US Treasury Sanctions USDC and ETH Addresses Connected to Tornado Cash

 


The United States Treasury Department has added more than 40 cryptocurrency addresses allegedly linked to the controversial Tornado Cash mixer to the Office of Foreign Asset Control, or OFAC, list of Specially Designated Nationals.

In a Monday announcement, OFAC effectively banned US residents from using Tornado Cash and placed 44 USD Coin (USDC) and Ether (ETH) addresses connected to the mixer on its list of specially designated nationals. The department alleged that individuals and groups used the mixer to launder more than $7 billion worth of crypto since 2019, including the $455 million stolen by North Korea-affiliated Lazarus Group. The protocol has also been at the center of some recent hacks and exploits in decentralized finance, including a $375 million attack on Wormhole in February and a $100 million hack on Horizon Bridge in June.

Despite public assurances to the contrary, Tornado Cash has repeatedly failed to impose effective controls designed to prevent it from routinely laundering funds to malicious cyber actors and without basic measures to address its risks, Brian Nelson said, Undersecretary of the Treasury for Terrorism and Financial Intelligence. The Treasury will continue to take aggressive action against mixers who launder virtual currency for criminals and those who assist them.

Today, the Treasury sanctioned virtual currency mixer Tornado Cash, which has been used to launder more than $7 billion worth of virtual currency since its inception in 2019. Virtual currency mixers that aid criminals pose a threat to the national security of the United States. https://t.co/x8sCXsNzUv

Treasury Department (@USTreasury) August 8, 2022

In a tweet on Monday, Secretary of State Antony Blinken falsely claimed that Tornado Cash was a “US-sanctioned, state-sponsored DPRK hacking group used by the DPRK to launder money.” silver”. He later deleted the post and tweeted that the crypto mixer “was used to launder money for a US-sanctioned DPRK state-sponsored cyber-hacking group.”

Well, keep taking aggressive action against currency mixers that launder virtual currency for criminals. Today, @USTreasury sanctioned virtual currency mixer Tornado Cash, which was used to launder money for a US-sanctioned DPRK state-sponsored cyber-hacking group.

Secretary Antony Blinken (@SecBlinken) August 8, 2022

The Treasury Department took similar action against cryptocurrency mixer Blender.io in May. According to OFAC, the mixer processed $20.5 million out of approximately $620 million stolen in-game gambling to earn Axie Infinity’s Ronin Bridge, or approximately 173,600 ETH and 25.5 million USDC. Under OFAC sanctions, corporate and individual assets are blocked and U.S. persons are generally prohibited from doing business with them.

Related: US Treasury Department Sanctions 3 Ethereum Addresses Allegedly Linked to North Korea

Tornado Cash announced in July that it had fully opened its user interface code as part of its goals of complete decentralization and transparency. The mixers website included a compliance tool that allowed users to view the source of any transaction.

Sources

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2/ https://cointelegraph.com/news/us-treasury-sanctions-usdc-and-eth-addresses-connected-to-tornado-cash

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