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Dutch arrest man associated with currency mixer Tornado Cash

THE HAGUE, Netherlands (AP) Dutch financial prosecutors say they detained a guy suspected of involvement in concealing criminal financial flows and facilitating money laundering through the virtual currency mixer Tornado Cash.

The 29-year-old man was arrested Aug. 10 in Amsterdam, the financial prosecution service FIOD said in a statement Friday. The suspects identity had not been released, consistent with Dutch privacy regulations.

Mixing services combine various digital assets, including potentially illegally obtained funds and legitimately obtained funds, therefore the holders of illegally gained assets can obscure the foundation of stolen funds.

FIODs Financial Advanced Cyber Team launched a study into Tornado Profit June.

The team said in a statement that Tornado Cash has been used to conceal large-scale criminal money flows, including from (online) thefts of cryptocurrencies.

It said a few of the suspected criminal funds were stolen by code hackers with links to North Korea.

Earlier this month, the U.S. Treasury Department slapped sanctions on Tornado Cash, which includes allegedly helped to launder a lot more than $7 billion worth of virtual currency since its creation in 2019.

At that time, Tom Robinson, co-founder of Elliptic, a blockchain analysis firm, said it ought to be noted there are legitimate uses of mixers such as for example Tornado, such as for example to preserve financial privacy.

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