US Government Bans Ethereum Mixer Tornado Cash, Platform Added to OFAC’s SDN List

On Monday, the U.S. Treasury Department’s watchdog the Office of Foreign Asset Control (OFAC) banned the ethereum mixing exertion Tornado Cash. OFAC has cited that the mixer has helped North Korean hackers specified arsenic the hacking syndicate known arsenic Lazarus Group.

OFAC Sanctions Tornado Cash Mixing App

• OFAC has officially banned the Tornado Cash and Tornado Cash Classic websites alongside each of the integer currency addresses allegedly associated with the site.
• “The pursuing entity has been added to OFAC’s SDN list: Tornado Cash,” OFAC’s Cyber-related Designation report says.
• The U.S. Treasury Department’s watchdog mentioned dozens of addresses that person held usd coin (USDC) oregon ethereum (ETH).
• With OFAC has adding Tornado Cash and the ETH addresses allegedly tied to the platform, it means that each U.S. persons and concern entities are strictly prohibited from utilizing the mixer.
• Since 2020, the U.S. has enacted authorities that tin penalize immoderate U.S. persons oregon entities that interruption the Specially Designated Nationals list. Anyone who breaks the regularisation tin look situation clip and anyplace betwixt $90,000 to $308,000 per violation.
• The quality follows the caller Debridge Finance announcement erstwhile the project’s co-founder Alex Smirnov said Debridge’s squad was attacked by the infamous North Korean hacking syndicate Lazarus Group.

• Additionally, successful mid-April 2022, the erstwhile Ethereum developer Virgil Griffith was sentenced to 5 years and 3 months successful situation for a presumption that gave North Korea ““technical proposal connected utilizing cryptocurrency and blockchain exertion to evade sanctions.”
• OFAC has already added a fewer crypto addresses to the SDN database backmost successful April. The U.S. watchdog besides assumed that the caller Ronin span onslaught (Axie Infinity) was connected to the hackers from Lazarus Group.

What bash you deliberation astir OFAC banning the ethereum mixing exertion Tornado Cash? Let america cognize what you deliberation astir this taxable successful the comments conception below.