Dutch sources doubt the inventor of crypto mixer Tornado Cash

Dutch sources doubt the inventor of crypto mixer Tornado Cash

August 15, 2022: -On Friday, Dutch sources said that they had arrested a man aged 29, considered to be a creator of the crypto mixing service Tornado Cash, which the U.S put on its sanctions list this week.

On Wednesday, the U.S. sanctions announced allegations that Tornado Cash is helping conceal billions in capital flows, including for North Korean hackers.

By cryptocurrencies mix up, the online service is making it possible to conceal the origin or destination of digital payments, increasing their anonymity.

Tornado Cash is one of the giant crypto blenders recognized as problematic by the U.S. Treasury.

The Dutch public prosecutor’s office for serious fraud, environmental crime, and asset confiscation said that Tornado was suspected of having laundered over $7 billion of virtual currency since it was created in 2019.

The FIOD stated that the man arrested in Amsterdam on Wednesday was not identified. He is thought to have helped facilitate illegal transactions, including “funds stolen through hacks by a group believed to be associated with North Korea.” He encounters money laundering charges.

In June, the Financial Advanced Cyber Team division of the FIOD started a criminal investigation into Tornado Cash, the statement said. It found Tornado Cash had been used to conceal large-scale illegal money flows, including the thefts of cryptocurrencies online. Further arrests have not been ruled out, prosecutors said.

Monday’s action froze any U.S. assets of the crypto mixer and generally barred Americans from trading with it.

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The Fort McMurray First Nation Group of Companies is the wholly owned business entity of Fort McMurray 468 First Nation. It was established in 1987 as Christina River Enterprises, and the organization rebranded as FMFN Group in 2021. Providing Construction, Custodial, Petro-Canada Fuel & Convenience Store, and Transportation services to a broad portfolio of customers, the Group of Companies is creating financial stability and prosperity for the Nation.

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