Dutch authorities arrested an unnamed 29-year-old man suspected to be a Tornado Cash developer in Amsterdam on August 10.

According to a press assertion issued by the Fiscal Information and Investigation Service on August 12, the person is “suspected of involvement in concealing criminal financial flows and facilitating money laundering through the mixing of cryptocurrencies through the decentralized Ethereum mixing service, Tornado Cash.”

The crime company revealed that it began a prison investigation into Tornado Cash in June as a result of it suspected that the protocol was being “used to conceal large-scale criminal money flows, including from (online) thefts of cryptocurrencies (so-called crypto hacks and scams).”

Additionally, the company acknowledged that it isn’t ruling out additional arrests within the protocol investigation.

Tornado Cash was sanctioned by the U.S. Treasury on August 8, resulting in widespread condemnation from the crypto group. Several crypto companies like Circle and dYdX have blocked customers utilizing the crypto mixer.

Meanwhile, U.S. Secretary of State Anthony Blinken has said that the federal government would proceed to clamp down on using crypto mixers which are being utilized by criminals to launder funds.

More particulars will likely be shared on CryptoSlate because the information develops.

Posted In: , Legal



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here