US Government Bans Ethereum Mixer Tornado Cash, Platform Added to OFAC’s SDN List

US Government Bans Ethereum Mixer Tornado Cash, Platform Added to OFAC’s SDN List

US Government Bans Ethereum Mixer Tornado Cash, Platform Added to OFAC's SDN List

On Monday, the U.S. Treasury Department’s watchdog the Office of Foreign Asset Control (OFAC) banned the ethereum mixing software Tornado Cash. OFAC has cited that the mixer has helped North Korean hackers such because the hacking syndicate referred to as Lazarus Group.

OFAC Sanctions Tornado Cash Mixing App

  • OFAC has formally banned the Tornado Cash and Tornado Cash Classic web sites alongside the entire digital foreign money addresses allegedly related to the location.
  • “The following entity has been added to OFAC’s SDN checklist: Tornado Cash,” OFAC’s Cyber-related Designation report says.
  • The U.S. Treasury Department’s watchdog talked about dozens of addresses which have held usd coin (USDC) or ethereum (ETH).
  • With OFAC has including Tornado Cash and the ETH addresses allegedly tied to the platform, it signifies that all U.S. individuals and enterprise entities are strictly prohibited from utilizing the mixer.
  • Since 2020, the U.S. has enacted laws that may penalize any U.S. individuals or entities that violate the Specially Designated Nationals checklist. Anyone who breaks the rule can face jail time and anyplace between $90,000 to $308,000 per violation.
  • The information follows the current Debridge Finance announcement when the venture’s co-founder Alex Smirnov stated Debridge’s crew was attacked by the notorious North Korean hacking syndicate Lazarus Group.
  • Additionally, in mid-April 2022, the previous Ethereum developer Virgil Griffith was sentenced to 5 years and three months in jail for a presentation that gave North Korea ““technical recommendation on utilizing cryptocurrency and blockchain expertise to evade sanctions.”
  • OFAC has already added a number of crypto addresses to the SDN checklist again in April. The U.S. watchdog additionally assumed that the current Ronin bridge assault (Axie Infinity) was related to the hackers from Lazarus Group.

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