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More recently, the government has gained much more insight and powers of preemptive surveillance into our financial lives. For example, with the enactment of the Bank Secrecy Act in 1970, financial institutions have to engage in record-keeping and reporting in order to assist the government in its efforts to prevent
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Tornado Cash Devs Are Caught in a U.S. Dragnet Source
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Crypto advocacy group Coin Center has criticized the latest indictment of two former Tornado Cash developers, arguing that the facts offered don't show any clear violations of money-transmitting-related offenses.Roman Storm and Roman Semenov were indicted by the United States Office of Foreign Asset Control on Aug. 23 for conspiring to
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The United States Treasury’s Office of Foreign Assets Control (OFAC) added Roman Semenov, one of the co-founders of the Tornado Cash cryptocurrency “mixer,” to its list of Specially Designated Nationals and Blocked Persons (SDN) on Aug. 23. Another co-founder, Roman Storm, was arrested by the Federal Bureau of Investigation and
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"While publicly claiming to offer a technically sophisticated privacy service, Storm and Semenov in fact knew that they were helping hackers and fraudsters conceal the fruits of their crimes. Today’s indictment is a reminder that money laundering through cryptocurrency transactions violates the law, and those who engage in such laundering
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“It is undisputed that Tornado Cash uses smart contracts to provide a layer of privacy for its users by allowing them to deposit crypto assets in one wallet and then withdraw assets from a different wallet. Plaintiffs claim that as of 2020, the smart contracts are immutable, autonomous software applications
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied A district court judge sided with the U.S. Treasury Department in a lawsuit that involves Coinbase and sanctions imposed on crypto mixer Tornado Cash. The decision came as a blow to six plaintiffs who had challenged
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A federal judge in Texas has sided with the United States Department of the Treasury by granting a motion for summary judgment in a lawsuit concerning Tornado Cash brought by six individuals backed by crypto exchange Coinbase.In an Aug. 17 filing in U.S. District Court for the Western District of
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A group of crypto investors and developers lost a lawsuit funded by Coinbase which sought to argue that the U.S. Treasury Department overstepped its authority in sanctioning Tornado Cash, a mixing service. Source
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Nearly two years after the dog-inspired decentralized finance (DeFi) project — AnubisDAO — was rug-pulled for almost $60 million in Ether (ETH), the stolen funds were siphoned away using Tornado Cash.In October 2021, AnubisDAO raised 13,556 ETH from crypto investors owing to the predated Dogecoin (DOGE) trend. However, roughly 20
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