US Sanctions ETH And USDC Addresses Linked To Tornado Cash
According to reports, the US Department of Treasury has added more crypto addresses to its sanction list. The department added over 40 crypto wallet addresses reportedly linked to Tornado Cash to the sanctioned list of the OFAC (Office of Foreign Asset Control).
Meanwhile, Tornado Cash is a famous crypto mixer involved in various crypto scams. This is not the first time the US is sanctioning crypto wallet addresses.
US Treasury Department Sanctions ETH And USDC Wallet Addresses
On the 8th of August, the OFAC announced that it has banned American residents from using the crypto mixer Tornado Cash. Also, it banned 44 ETH and USDC addresses linked to the mixer.
The agency added them to its Specially Designated Nationals list. According to the department, fraudulent groups and individuals have used the platform to steal over $7 billion since 2019.
This includes the $455 million allegedly stolen by the Lazarus Group in North Korea. Also, fraudsters used the platform to carry out some exploits and hacks in DeFi.
Other attacks includes the February attack on the Wormhole platform leading to a loss of $375 million. There is also the June attack on the Horizon Bridge, where hackers siphoned over $100 million.
Brian Nelson, the Secretary for Terrorism and Financial Intelligence, stated that:
“Meanwhile, Tornado Cash has made public assurances several times to resolve the issue. However, it has not imposed aneffective control to stop laundering of stolen funds by fradusters. Hence, fraudsters continue to use its platform to siphon proceeds of frauds daily.”
OFAC Continues To Issue Sanctions Against Crypto Mixers
Nelson added that the department would continue its aggressive sanctions against crypto mixers that launder crypto. Also, it will go after those that assist them in their crimes.
Furthermore, the US Department has taken some steps in May against another crypto mixer, Blender.io. As stated by the OFAC, Blender.io reportedly processed over $20.5 million out of the $620 million exploited from the Ronin Bridge.
This translates to about 25 million USDC and 173,600 ETH. According to the agency’s sanctions, it has blocked the assets of individuals and firms. Also, it bans US citizens from using them.
Last month, Tornado Cash stated that it is working towards complete transparency and decentralization. As a result, it has made the code of its user interface open-source.
Additional, the Tornado Cash website added a compliance tool. This tool allows users to see the source of all crypto transactions. Unfortunately, it appears the platform’s effort yielded no result.
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