Two Founders of Tornado Cash Charged with Laundering Over $1 Billion
Two founders of Tornado Cash, a popular Russian cryptocurrency mixer, have been charged with laundering criminal proceeds totaling more than $1 billion. The indictment accuses Roman Storm and Roman Semenov of violating sanctions and laundering money, including funds for the North Korean state-backed hacking group, Lazarus Group. The charges include conspiracy to commit money laundering, conspiracy to commit sanctions violations, and conspiracy to operate an unlicensed money transmitting business. Storm has been arrested in Washington state, while Semenov remains at large. The third co-founder, Alexey Pertsev, is facing trial in Amsterdam. The founders are accused of knowingly facilitating money laundering and failing to implement required anti-money laundering programs.
Key Points:
– Roman Storm and Roman Semenov, founders of Tornado Cash, have been charged with laundering over $1 billion in criminal proceeds.
– They are accused of violating sanctions and laundering money for the North Korean hacking group, Lazarus Group.
– Charges include conspiracy to commit money laundering, conspiracy to commit sanctions violations, and conspiracy to operate an unlicensed money transmitting business.
– Storm has been arrested in Washington state, while Semenov is still at large.
– Third co-founder, Alexey Pertsev, is facing trial in Amsterdam.
Hot Take:
The charges against the founders of Tornado Cash highlight the illicit use of cryptocurrency for money laundering. While the service is used by some for legitimate reasons, it has also been linked to high-profile crypto heists. The case raises questions about the responsibility of software developers and the need for stronger regulations in the crypto industry. The indictment sends a clear message that those involved in facilitating money laundering will be held accountable.
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