Index Investing News
Friday, May 30, 2025
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

Tornado Cash Founders Face US Charges for Handling $1B in Dirty Money

by Index Investing News
August 24, 2023
in Cryptocurrency
Reading Time: 5 mins read
A A
0
Home Cryptocurrency
Share on FacebookShare on Twitter


Roman
Semenov and Roman Storm, the Founders of Tornado Cash, a cryptocurrency mixer,
have been charged with helping criminals, including hackers linked to North
Korea-linked Lazarus Group, to launder over $1 billion in illicit funds. Storm
was arrested today (Wednesday) in Washington by the Federal Bureau of
Investigation (FBI).

Discover StealthEX.io – the future of cryptocurrency. Swap instantly across 1000+ coins, no sign-up, secure, and private. Dive into the new age of crypto!

A
cryptocurrency mixer, also known as a tumbler, is a service utilized by digital asset holders to maintain the anonymity of their cryptocurrency transactions. These
tumblers blend potentially traceable crypto assets with large amounts of
other funds.

The US
Department of Justice in a statement released on Wednesday noted that it charged Semenov
and Storm with conspiracy to commit money laundering, sanctions violations, and to operate an
unlicensed money-transmitting business. According to the law enforcement
agency, the executives received complaints and calls for help from victims of
cybercrimes but deliberately avoided implementing any controls to stop using criminals from using its platform to launder illicitly obtained cryptocurrencies.

Furthermore,
the Founders through
their platforms allegedly helped Lazarus Group “to launder hundreds of millions
of dollars in hacking proceeds,” despite the fact that the hacking group had
been sanctioned by the US Department of the Treasury’s Office of Foreign Assets
Control (OFAC) as blocked property.

Keep Reading

“Storm and
Semenov allegedly knew that the Tornado Cash service they were operating was
engaging in these sanctions-violating transactions,” US prosecutors explained.
“They implemented a change in the service so they could make a public
announcement that they were compliant with sanctions, but in their private
chats they agreed that this change would be ineffective.”

US Hits Roman
Semenov with Sanctions
Designation

Separately,
OFCA on Wednesday issued a sanctions
designation against
Semenov, thereby following up on a similar sanction placed on Tornado Cash last year.

The
designation means that Semenov’s assets in the United States are blocked, and
he is considered detrimental to the country’s security. The label also bars US-based
and foreign organizations from engaging in financial transactions with the Co-Founder.

Last year,
OFCA issued its first sanctions against
a cryptocurrency mixer. The financial intelligence agency accused
Blender.io, another crypto tumbler, of laundering over $20.5 million in criminal
proceeds for the Lazarus Group.

Furthermore, the agency 2019 imposed similar sanctions on the Lazarus Group
after it accused the North Korea-linked hacking group of using Tornado Cash to
obscure the transfer of more than $455 million pilfered during the March 2022 breach of Axie
Infinity’s Ronin Network. It noted that the hack remains the most significant crypto
heist so far.

“The
Lazarus Group subsequently used Tornado Cash to launder more than $96 million
of funds derived from the June 24, 2022, cyber-enabled heist on Harmony’s
Horizon bridge, and at least $7.8 million from the August 2, 2022, Nomad
heist,” OFAC explained. “This revenue provides the Democratic
People’s Republic of Korea with resources that it uses to support its unlawful ballistic missile
and nuclear weapons programs.”

Meanwhile,
the FBI has attributed over $40 million worth
of Bitcoin (BTC) stolen this week to Lazarus Group, Finance Magnates reported earlier today. The
security agency also said the hackers were responsible for major cyberattacks recorded in June 2023: the heist
of $60 million in digital assets from Alphapo, the $37 million stolen from
CoinsPaid, and a $100 million theft from Atomic Wallet.

MetaQuotes caps product activation; Swissquote’s portfolios; read today’s news nuggets.

Roman
Semenov and Roman Storm, the Founders of Tornado Cash, a cryptocurrency mixer,
have been charged with helping criminals, including hackers linked to North
Korea-linked Lazarus Group, to launder over $1 billion in illicit funds. Storm
was arrested today (Wednesday) in Washington by the Federal Bureau of
Investigation (FBI).

A
cryptocurrency mixer, also known as a tumbler, is a service utilized by digital asset holders to maintain the anonymity of their cryptocurrency transactions. These
tumblers blend potentially traceable crypto assets with large amounts of
other funds.

Discover StealthEX.io – the future of cryptocurrency. Swap instantly across 1000+ coins, no sign-up, secure, and private. Dive into the new age of crypto!

The US
Department of Justice in a statement released on Wednesday noted that it charged Semenov
and Storm with conspiracy to commit money laundering, sanctions violations, and to operate an
unlicensed money-transmitting business. According to the law enforcement
agency, the executives received complaints and calls for help from victims of
cybercrimes but deliberately avoided implementing any controls to stop using criminals from using its platform to launder illicitly obtained cryptocurrencies.

Furthermore,
the Founders through
their platforms allegedly helped Lazarus Group “to launder hundreds of millions
of dollars in hacking proceeds,” despite the fact that the hacking group had
been sanctioned by the US Department of the Treasury’s Office of Foreign Assets
Control (OFAC) as blocked property.

Keep Reading

“Storm and
Semenov allegedly knew that the Tornado Cash service they were operating was
engaging in these sanctions-violating transactions,” US prosecutors explained.
“They implemented a change in the service so they could make a public
announcement that they were compliant with sanctions, but in their private
chats they agreed that this change would be ineffective.”

US Hits Roman
Semenov with Sanctions
Designation

Separately,
OFCA on Wednesday issued a sanctions
designation against
Semenov, thereby following up on a similar sanction placed on Tornado Cash last year.

The
designation means that Semenov’s assets in the United States are blocked, and
he is considered detrimental to the country’s security. The label also bars US-based
and foreign organizations from engaging in financial transactions with the Co-Founder.

Last year,
OFCA issued its first sanctions against
a cryptocurrency mixer. The financial intelligence agency accused
Blender.io, another crypto tumbler, of laundering over $20.5 million in criminal
proceeds for the Lazarus Group.

Furthermore, the agency 2019 imposed similar sanctions on the Lazarus Group
after it accused the North Korea-linked hacking group of using Tornado Cash to
obscure the transfer of more than $455 million pilfered during the March 2022 breach of Axie
Infinity’s Ronin Network. It noted that the hack remains the most significant crypto
heist so far.

“The
Lazarus Group subsequently used Tornado Cash to launder more than $96 million
of funds derived from the June 24, 2022, cyber-enabled heist on Harmony’s
Horizon bridge, and at least $7.8 million from the August 2, 2022, Nomad
heist,” OFAC explained. “This revenue provides the Democratic
People’s Republic of Korea with resources that it uses to support its unlawful ballistic missile
and nuclear weapons programs.”

Meanwhile,
the FBI has attributed over $40 million worth
of Bitcoin (BTC) stolen this week to Lazarus Group, Finance Magnates reported earlier today. The
security agency also said the hackers were responsible for major cyberattacks recorded in June 2023: the heist
of $60 million in digital assets from Alphapo, the $37 million stolen from
CoinsPaid, and a $100 million theft from Atomic Wallet.

MetaQuotes caps product activation; Swissquote’s portfolios; read today’s news nuggets.



Source link

Tags: CashchargesDirtyfaceFoundersHandlingMoneyTornado
ShareTweetShareShare
Previous Post

Pregnant Stassi Schroeder Reveals Hurricane Damage to Nursery

Next Post

Daisy Ridley & Ben Mendelsohn in ‘The Marsh King’s Daughter’ Trailer

Related Posts

Chainlink oracle ‘malfunction’ sparks 0k in DeFi liquidations, reignites reliability debate

Chainlink oracle ‘malfunction’ sparks $500k in DeFi liquidations, reignites reliability debate

by Index Investing News
May 30, 2025
0

A Chainlink value feed’s alleged malfunction led to greater than $500,000 in liquidations on Could 29, sparking contemporary debate over...

Webus Bets 0M on XRP to Gasoline Funds

Webus Bets $300M on XRP to Gasoline Funds

by Index Investing News
May 30, 2025
0

Webus, a Chinese language AI-driven mobility firm, desires to make chauffeur funds frictionless with a $300M XRP reserve. Markets? Unimpressed...

Ethereum Spot Premium Alerts Energy – ,800 Resistance In Focus

Ethereum Spot Premium Alerts Energy – $2,800 Resistance In Focus

by Index Investing News
May 29, 2025
0

Cause to belief Strict editorial coverage that focuses on accuracy, relevance, and impartiality Created by trade specialists and meticulously reviewed...

Ripple’s Hidden Highway Unleashes Institutional Swaps Throughout US

Ripple’s Hidden Highway Unleashes Institutional Swaps Throughout US

by Index Investing News
May 29, 2025
0

Ripple’s Hidden Highway unleashes institutional-grade OTC crypto swaps in U.S., eyeing world prime brokerage dominance. Ripple’s Strategic Strike: Prime Brokerage...

Ripple’s Hidden Street launches OTC crypto swaps in US

Ripple’s Hidden Street launches OTC crypto swaps in US

by Index Investing News
May 29, 2025
0

Ripple’s newly acquired prime dealer, Hidden Street, has launched cryptocurrency swaps for institutional buyers in america.The service permits US institutional...

Next Post
Daisy Ridley & Ben Mendelsohn in ‘The Marsh King’s Daughter’ Trailer

Daisy Ridley & Ben Mendelsohn in 'The Marsh King's Daughter' Trailer

The “Real” Story of Home Prices—Why Growth Doesn’t Matter as Much as You Think

The "Real" Story of Home Prices—Why Growth Doesn't Matter as Much as You Think

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

Photographs Of Boris Johnson’s Time As Prime Minister

Photographs Of Boris Johnson’s Time As Prime Minister

July 13, 2022
NPS corpus shoots as much as Rs 14.4 lakh crore: PFRDA chairman Deepak Mohanty

NPS corpus shoots as much as Rs 14.4 lakh crore: PFRDA chairman Deepak Mohanty

April 5, 2025
Ingrid Haebler, Pianist Known for Her Mastery of Mozart, Is Dead

Ingrid Haebler, Pianist Known for Her Mastery of Mozart, Is Dead

May 27, 2023
Matthew Perry And Diane Sawyer Chat About Meeting People Online. Stupidity Incarnate

Matthew Perry And Diane Sawyer Chat About Meeting People Online. Stupidity Incarnate

October 31, 2022
Unveiling Your True Goals: The Power of Gary’s Annual Self-Assessment

Unveiling Your True Goals: The Power of Gary’s Annual Self-Assessment

December 30, 2023
Opinion – The Demise of the Rajapaksa Dynasty and Prospects for Peace and Justice in Sri Lanka

Opinion – The Demise of the Rajapaksa Dynasty and Prospects for Peace and Justice in Sri Lanka

July 17, 2022
Oil stocks should be popular like semis, but no one cares: VanEck CEO

Oil stocks should be popular like semis, but no one cares: VanEck CEO

February 11, 2024
A California Synagogue Leased Space to a Muslim Group, Telling Members They Had an Obligation To ‘Strengthen the Bonds’ Between Communities. Things Went South From There. – FREEDOMBUNKER

A California Synagogue Leased Space to a Muslim Group, Telling Members They Had an Obligation To ‘Strengthen the Bonds’ Between Communities. Things Went South From There. – FREEDOMBUNKER

March 18, 2024
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • 1717575246.7
  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions
  • xtw18387b488

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In