Previously sanctioned Tornado Cash, an Ethereum-based crypto mixer that provides its community with identity secrecy in digital transactions via its open-source software is up again on the news cycle. The clash between regulators and the crypto sphere turns up a notch with legal actions, counter lawsuits, arrests, and foreign cybercriminals, all involved in the mix.
Initially, the American Department of the Treasury office targeted Tornado Cash in August. The agency put a blind ban on the app to keep cybercriminals at bay from using the privacy tool while moving funds illegally.
OFAC, the Department of the Treasury’s Office of Foreign Assets Control, alleged that Tornado Cash was a popular choice for North Korean hackers to use for their ill motive gains. The economic restrictions halted American individuals’ and businesses’ usage of Tornado Cash, the largest crypto mixer in the industry.
