On Monday, Janet Yellen’s Treasury Department added the Ethereum mixing tool, Tornado cash’s website, and all the addresses linked to it to its sanction list.

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US Treasury Bans Tornado Cash

Even though Tornado cash is legitimately used by people for the protection of their privacy, the government says it’s used for illicit activity, including “facilitation of heists, ransomware schemes, fraud, and other cybercrimes.

According to a press release by the US Treasury on Monday, Tornado cash has been banned in the US, the move by the US Treasury was a response to the protocol’s failure to prevent money laundering-related activities on its platform.

“Despite public assurances otherwise, Tornado Cash has repeatedly failed to impose effective controls designed to stop it from laundering funds for malicious cyber actors,” said a statement from the Treasury Department.

This year, Tornado was said to be involved in some high-profile crypto heists including the popular theft that happened this year, the $615 million token exploit from the Ronin Network, and the $100 million exploit of US startup Harmony, reports released after those heists say they’re linked to the North Korean state-backed hacking group, Lazarus Group.

Elliptic, the blockchain analytics firm also revealed that not less than $1.5 billion in proceeds from crimes like fraud, ransomware, and hacks have been laundered via Tornado Cash.

The Harmony Bridge $100 million hack was as well linked to Tornado Cash.

According to the US Treasury, Tornado Cash since its launch in 2019 has been used to launder not more than $7 billion worth of digital currencies.

Antony J. Blinken, Secretary of State said on Monday that “the United States will continue to pursue actions against mixers laundering virtual currency for criminals and those who assist them.”

Also, OFAC (The Office of Foreign Assets Control) has listed Tornado Cash and its associate crypto addresses to its “Specially Designated Nationals list.” This move will result in anyone discovered interacting with the wallet address facing criminal penalties. 

“All transactions by U.S. persons or within (or transiting) the United States that involve any property or interests in property of designated or otherwise blocked persons are prohibited unless authorized by a general or specific license issued by OFAC, or exempt,” the Treasury Department said.

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