Summary: The U.S. Department of Treasury has lifted sanctions against Tornado Cash, a cryptocurrency mixer linked to North Korean cybercriminals, following a court ruling that deemed the sanctions overreaching. Tornado Cash was originally sanctioned for its role in laundering over billion since 2019, including significant amounts stolen by the Lazarus Group. The lifting of sanctions raises concerns about the ongoing threat posed by state-sponsored hacking and money laundering activities.
Affected: U.S. Department of Treasury, Tornado Cash
Keypoints :
- Sanctions against Tornado Cash were imposed by the Treasury in August 2022 for laundered funds exceeding billion, primarily benefiting North Korea’s Lazarus Group.
- A Fifth Circuit U.S. federal appeals court ruled that the Treasury’s Office of Foreign Assets Control exceeded its authority in sanctioning Tornado Cash.
- Two founders of Tornado Cash were charged in August 2023 for aiding in laundering over billion, signaling ongoing scrutiny and legal challenges within the cryptocurrency sector.