US Treasury Redesignates Tornado Cash Sanctions, Citing North Korea's Nuclear Weapons Program
The crypto mixer's new designation essentially replaces US Treasury stocks from August, establishing penalties for its role in "the activation of malicious cyber activities".< /p>
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The U.S. Treasury Department's Office of Foreign Assets Control, or OFAC, has amended the sanctions against cryptocurrency mixer Tornado Cash in addition to including two individuals involved in "transportation and Supply" for North Korea in its list of Specially Designated Nationals.
In a Nov. 8 announcement, the Treasury Department said it had "concurrently delisted and redesignated" Tornado Cash in addition to considering the activities of North Korean nationals Ri Sok and Yan Zhiyong in its penalty basis. The government department reiterated its claims that the crypto mixer was involved in laundering $455 million worth of stolen crypto from North Korea-affiliated Lazarus Group.
Tornado Cash's new designation essentially replaces Treasury actions against the crypto mixer in August, establishing penalties for its role in "carrying out malicious cyber activity, which ultimately supports the [d 'weapons of mass destruction] of the DPRK". Original sanctions included the Lazarus Group but did not show links to North Korea's nuclear program.
"Today's sanctions action targets two key nodes of the DPRK's weapons programs: its growing reliance on illicit activities, including cybercrime, to generate revenue, and its ability to procure and transport goods in support of weapons of mass destruction and ballistic missile programs. said Brian Nelson, Under Secretary of the Treasury for Terrorism and Financial Intelligence.
Related: Deribit Hackers Move Stolen Ether to Tornado Cash Crypto Mixer
Many players in the crypto space have been involved in lawsuits against the US Treasury following the mixer sanctions. A group of investors backed by US-based crypto exchange Coinbase has...
The crypto mixer's new designation essentially replaces US Treasury stocks from August, establishing penalties for its role in "the activation of malicious cyber activities".< /p>
New
The U.S. Treasury Department's Office of Foreign Assets Control, or OFAC, has amended the sanctions against cryptocurrency mixer Tornado Cash in addition to including two individuals involved in "transportation and Supply" for North Korea in its list of Specially Designated Nationals.
In a Nov. 8 announcement, the Treasury Department said it had "concurrently delisted and redesignated" Tornado Cash in addition to considering the activities of North Korean nationals Ri Sok and Yan Zhiyong in its penalty basis. The government department reiterated its claims that the crypto mixer was involved in laundering $455 million worth of stolen crypto from North Korea-affiliated Lazarus Group.
Tornado Cash's new designation essentially replaces Treasury actions against the crypto mixer in August, establishing penalties for its role in "carrying out malicious cyber activity, which ultimately supports the [d 'weapons of mass destruction] of the DPRK". Original sanctions included the Lazarus Group but did not show links to North Korea's nuclear program.
"Today's sanctions action targets two key nodes of the DPRK's weapons programs: its growing reliance on illicit activities, including cybercrime, to generate revenue, and its ability to procure and transport goods in support of weapons of mass destruction and ballistic missile programs. said Brian Nelson, Under Secretary of the Treasury for Terrorism and Financial Intelligence.
Related: Deribit Hackers Move Stolen Ether to Tornado Cash Crypto Mixer
Many players in the crypto space have been involved in lawsuits against the US Treasury following the mixer sanctions. A group of investors backed by US-based crypto exchange Coinbase has...
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