Tornado Cash, a virtual currency exchange, was sanctioned by the US Treasury on Monday due to its usage by cybercriminals, including individuals who are subject to US sanctions. A senior Treasury official claims that since its introduction in 2019, Tornado Cash has allegedly laundered more than $7 billion in virtual money, including $455 million from the Lazarus Group, a North Korean state-sponsored hacking organisation. According to the source, it was also utilised just last week to conceal funds from a “heist” on the US Cryptocurrency company Nomad.
However, despite that, the Lazarus Group and other hackers were still able to transmit money to Tornado Cash for money laundering, according to a law enforcement investigation of open Cryptocurrency transactions, the official added. 44 Cryptocurrency wallets connected to Tornado Cash were blacklisted by the US authorities as part of the move on Monday. The Treasury representative acknowledged that Tornado Cash has previously been flagged as a problem but failed to specify for how long, where the organisation may be situated, or who may be its operators.
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