The founders of Tornado Cash, Roman Storm and Roman Semenov were arrested on charges of knowingly facilitating more than $1 billion in money laundering, including hundreds of millions of dollars in money belonging to a North Korean hacker group called Lazarus. The US Department of Justice (DOJ) has arrested Storm.
FYI, Tornado Cash is an open source decentralized finance (DeFi) platform that prioritizes privacy. This means that the identity of the crypto owner will not be traced by randomly mixing transactions on the network. Therefore, Tornado Cash has the opportunity to be used for financial crimes, including funds resulting from money laundering.
In 2022, the US Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned Tornado Cash by prohibiting US persons and entities from interacting or transacting with them. Because of this, US citizens will likely have a legal obligation to block incoming transactions from their wallets. This OFAC rule mandates that all US citizens freeze transactions or funds sent from Tornado Cash.
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