[ccpw id="39382"]

HomeCrypto NewsMarketAlleged Developer of Tornado Cash Arrested In Netherlands

Alleged Developer of Tornado Cash Arrested In Netherlands


Written By:

Latest News


- Advertisement -

Dutch police have detained a person accused of developing Tornado Cash.

The Netherlands’ Fiscal Information and Investigation Service (FIOD) has just recently made an arrest in Amsterdam of a man accused of participating in the concealment of illicit cash transactions and the facilitation of money laundering via the mixing of cryptocurrencies using the decentralized Ethereum-based mixing service Tornado Cash. Additionally, the individual is said to have created Tornado Cash.

- Advertisement -

FIOD launched a criminal investigation on Tornado Cash in June. The agency claims to have evidence that the platform has been used to hide massive illegal cash transactions, such as those resulting from the cyber theft of cryptocurrency. 

The majority of this money was obtained via hacking wallets and is thought to have originated in North Korea. Since its inception in 2019, Tornado Cash has generated at least $7 billion in revenue, FIOD says. According to the investigation, the mixer processed at least a billion dollars worth of stolen cryptocurrencies.

On Monday, 8th August, the US government added Tornado Cash to the OFAC sanctions list of America.

Follow Us on Twitter and Facebook.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

More from Author