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US issues sanctions on a 2nd virtual currency mixing firm

By FATIMA HUSSEIN
Associated Press

WASHINGTON (AP) — The Treasury Department has imposed sanctions on virtual currency mixer Tornado Cash, which has allegedly helped to launder more than $7 billion worth of virtual currency since its creation in 2019. Treasury’s Office of Foreign Assets Control says Tornado Cash’s systems were used to launder more than $96 million drawn from the June Harmony blockchain bridge theft and August Nomad crypto firm heist. Mixing services combine various digital assets, including potentially illegally obtained funds and legitimately obtained funds, so that illegal actors can obscure the origin of stolen funds.

Article Topic Follows: AP National News

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Associated Press

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