On Aug. 8, 2022, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed economic sanctions on Tornado Cash, a popular cryptocurrency mixing service that allows customers to obscure the original source of virtual currency transactions by “mixing” multiple transactions and then redistributing them. While mixing may have legitimate benefits in some transactions, it also may be exploited by criminals to potentially launder cryptocurrency, including crypto received in connection with ransomware attacks.
OFAC Sanctions Cryptocurrency Mixing Service for Allegedly Facilitating Money Laundering
