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Thread: The US Treasury has sanctioned Tornado Cash for supporting North Korea's nuclear program.

  1. #1
    Join Date
    Oct 2022

    Default The US Treasury has sanctioned Tornado Cash for supporting North Korea's nuclear program.

    The US Treasury announced further restrictions on Tornado Cash on November 9, 2022. This decision was made in response to reports that the North Korean government is using it. It will be used specifically to support their Weapons of Mass Destruction (WMD) Program. The US Government had previously prohibited public individuals from utilizing Tornado Cash as a platform in August 2022. According to them, criminals were utilizing it to launder unlawful cash. It has now progressed even farther.

    Tornado Cash is a decentralized, noncustodial privacy platform built on Ethereum. They are a cryptocurrency mixer. In layman's words, it combines cryptocurrency with other transactions and allows you to withdraw it using a separate address. By doing so, you will achieve complete anonymity, masking transactions from the public sight. The MEXC Digital asset introduction page contains basic informationon the TORN token.

    So, what became of Tornado Cash? According to a press release from the US Treasury, North Korea used Tornado Cash to launder approximately $100 million in cryptocurrency. The funding will be utilized to fuel their WMD program, which includes the development of ballistic missiles. According to their news release:

    "This move follows a series of recent DPRK ballistic missile launches that clearly violate several United Nations (U.N.) Security Council judgments." "This action is part of the United States' ongoing efforts to constrain the DPRK's capacity to advance its illicit weapons of mass destruction (WMD) and ballistic missile programmes that endanger regional peace," the statement said.

    Tornado Cash, according to the research, facilitates unlawful digital operations, eventually assisting North Korean weapons development. Furthermore, the US Treasury thinks that close to $1.5 billion in dirty money has been laundered since 2019. This includes the North Korean-backed hacker group "Lazarus Group." According to the investigation, Lazarus Group transferred $455 million in stolen cryptocurrency in March. As a result of these developments, the US Treasury has formally sanctioned Tornado Cash.

    Finally, the Treasury cautions international financial institutions to exercise caution. Any institution that knowingly facilitates a large transaction or offers major financial services to sanctioned organizations may incur sanctions from the United States.
    Last edited by ynot2k; 11-10-2022 at 07:11 AM.

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