News
The US Treasury says because it dropped Tornado Cash from its sanctions list on March 21, the legal challenge against it should be considered moot.
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Latest Tornado Cash News
Tornado Cash is a cryptocurrency transaction privacy tool built on the Ethereum network. It uses privacy-enhancing tools termed crypto mixers to obscure the origin and destination of cryptocurrency transactions.
By mixing multiple transactions together, crypto mixers make it hard to trace the flow of funds, boosting user privacy and security.
North Korean hackers rely on services like Tornado Cash to conceal the origin of their ill-gotten funds. On Aug. 8, 2022, the U.S. Department of Treasury’s Office of Foreign Assets Control sanctioned Tornado Cash, accusing it of money laundering.
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The removal follows a January ruling by a US appeals court saying the sanctions were unlawful.
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Bybit has already paid out $2.2 million for “bounty hunters” who can provide valuable information on the Lazarus Group’s transaction patterns related to the stolen funds.
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The Ethereum Foundation donated $1.25 million to support Tornado Cash developer Alexey Pertsev’s legal defense as he prepares to appeal his money laundering conviction in the Netherlands.
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Onchain evidence following the $1.4 billion Bybit hack has linked North Korea’s Lazarus Group to the Phemex hack in January, according to ZachXBT.
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The crypto community and privacy advocates worldwide have been closely following Alexey Pertsev’s legal battle and the Tornado Cash case.
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Speaking to Cointelegraph, Pertsev’s lawyer explained how bail will help Pertsev in his efforts to coordinate a defense.
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Pertsev has been working on his appeal after being found guilty of money laundering by a Dutch court in May 2024 — receiving five years and four months.
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A US court has overturned the sanctions on privacy protocol Tornado Cash in a significant legal development for crypto.
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In a win for crypto privacy technologies, a US court in Texas has overturned Tornado Cash sanctions.
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Many in the crypto industry have criticized US authorities for sanctioning Tornado Cash smart contract addresses and charging developers with money laundering.
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ASIC sues Binance Australia for misclassification of clients. Interpol targets Hex’s founder with a Red Notice. Tornado Cash updates emerge.
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Tornado Cash co-founder Roman Storm has petitioned a judge to drop criminal charges against him after an appeals court found the Treasury unlawfully sanctioned the crypto mixer.
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Durov said that he “trusts the French justice” system but refused to elaborate on the legal proceedings.
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The US Treasury, under a Trump administration, may bring reform to how courts handle crypto mixer-related incidents, following OFAC’s overreach in the Tornado Cash sentencing.
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