U.S. Treasury sanctions cryptocurrency ‘mixer’ group over money laundering
The Treasury announced sanctions against Tornado Cash, a virtual currency ‘mixer,’ over accusations of money laundering facilitation.
The Treasury Department said that Tornado Cash, since it began operating in 2019, has laundered over $4 billion worth of cryptocurrency. including over $455 million stolen by the Lazarus Group, North Korean government-sponsored hacking group that is believed to have largest known virtual currency heist to date in March 2022. The company has also been linked to the June 24, 2022, Harmony Bridge Heist (for which Tornado Cash is said to have laundered $96 million) and the Aug. 2, 2022, Nomad Heist (Tornado Cash being used to launder about $7.8 million).
The government said is operating as a cryptocurrency “mixer” that facilitated money launderers, including those from a North Korean hacking group.