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Tornado Cash sanction to have a chilling effect on the crypto industry– Ran Neuner and Steven Sidley

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Cryptocurrencies Tornado Cash sanction to have a chilling effect on the crypto industry– Ran Neuner and Steven Sidley

The U.S. Treasury Department recently sanctioned the cryptocurrency mixer Tornado Cash over allegations that it was being used to launder money. The departmented claims, among other allegations, that North Korean hackers used Tornado Cash to steal over $455 million.

“We all put our money into [a mixer],” Neuner explained. “And when you want to take money out of it, it pays it out of a central Tornado Cash address. So what it does is to eliminate the traceability of money.” Arrest of Developer Dutch authorities arrested Tornado Cash developer Alex Pertsev on August 10th, in connection with the U.S. government’s sanction on the protocol.

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