general

Developer of crypto-mixing platform “Tornado Cash” arrested in Amsterdam

Developer of crypto-mixing platform “Tornado Cash” arrested in Amsterdam

The content site is one of the sites that provide the service of answering general questions and solving puzzles and crossword puzzles

Where the content site is primarily interested in answering your questions in all areas, including solving puzzles and crossword puzzles

Answer Developer of crypto-mixing platform “Tornado Cash” arrested in Amsterdam

On August 10, the Dutch crime agency FIOD announced the arrest of the 29-year-old developer of crypto-mixing platform Tornado Cash.

Tornado Cash is an Ethereum-based cryptocurrency mixing platform that was sanctioned earlier this month by the US Treasury.

The United States banned “Tornado Cash” because the platform had extensive currency laundering potential and helped mask the identity of the funds of many individuals associated with criminal activities.

According to FIOD, the suspect is allegedly involved in the crimes of concealing illicit financial flows and facilitating money laundering.

“Tornado Cash” facilitates money laundering according to the “FIOD” authority:

FIOD noted that cryptocurrency mixers tend to facilitate money laundering, as these platforms are primarily used to increase anonymity in financial transactions.

Read:Fed Chairman: The United States has no plan to ban cryptocurrency

The Tornado Cash platform has been under investigation since June 2022 by the regulator FIOD due to its possible links with criminal organizations such as hacking group Lazarus.

However, as a decentralized protocol it would be difficult to punish those behind the platform, because the platform’s governance decisions are made by the DAO (Decentralized Autonomous Organization) with no central entity overseeing the platform.

This has been a concern for law enforcement agencies, as criminal activity linked to crypto-scraping has reached an all-time high this year.

Read:NFT sales in the last 30 days are down 88% from 8 months ago

Read also:

Binance recovers 83% of funds stolen in DNS attack targeting Curve Finance users

The number of Ethereum coins deposited in Ethereum 2.0 contracts reaches a new record!


And you can ask questions on the content site through the word “Ask a question” at the top of the site, where we answer your questions in a short time

Previous post
Positive sentiment jumps crypto derivatives trading volume to $3.12 trillion
Next post
Binance recovers 83% of funds stolen in DNS attack targeting Curve Finance users