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.
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.Â
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.
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.
-Advertisement-
