Crypto Mixer Tornado Cash is trending on Google as the US Treasury has banned all the decentralized finance applications because the Ranin group is hacking the cryptocurrency by using unfair means of practices.
The US Treasury has banned Cryto Mixer Tornado Cash for using all decentralized finance applications in order to maintain safety and security in the crypto market.
The Office of Foreign Assets Control (OFAC), Watchdog, is an independent, nonpartisan agency that works for US Congress and is assigned with a task to find violations happening in the Tornado Cash.
Tornado Cash has mentioned a list of blacklisted people, entities, and cryptocurrency addresses. After the announcement of the US Treasury, all U.S persons are prohibited from using Tornado Cash or any of the Ethereum wallet addresses attached with the protocol. If anyone does so, they may face criminal penalties.
As per experts, it is analyzed that tens of millions of dollars of crypto was stolen from Ronin that was collected with tornado cash which is creating confusion about the source of funds. The US Treasury has alleged that ransomware attacks or money laundering of about $20.5 million in crypto have been stolen from Ronin since the introduction of Tornado Cash.
“Tornado Cash has been the go-to mixer for cybercriminals looking to launder the proceeds of crime, as well as helping to enable hackers, including those currently under U.S. sanctions, to launder the proceeds of their cybercrimes by covering up the origin and transfer of this illicit virtual currency,” a senior department official said. “Since its creation back in 2019, Tornado Cash has reportedly laundered more than $7 billion worth of virtual currency.”
As per the data from blockchain analysis, the fact came in front deposits that were obtained from Tornado Cash spiked after the Ronin group of hackers had made Ransom attacks.
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