Summary: Tornado Cash, a cryptocurrency mixer accused of laundering funds for North Korean hackers, has been removed from the U.S. sanctions list following a court ruling that the Treasury Department exceeded its authority. The decision acknowledges complex legal challenges associated with regulating digital assets. Despite the sanctions removal, concerns remain regarding the use of cryptocurrency for cybercrime.
Affected: Tornado Cash, U.S. Department of the Treasury
Keypoints :
- Tornado Cash was on the U.S. sanctions list since 2022 due to alleged laundering of over 5 million for North Korean hackers.
- A federal appeals court ruled that the Treasury’s sanctions were overstepped as the smart contracts do not qualify as property under existing law.
- The court decision reflects a changing landscape in U.S. policy towards cryptocurrencies amid ongoing concerns about cybercrime and illicit activities.
Source: https://therecord.media/treasury-drops-tornado-cash-sanctions