Suspicious developer of cryptocurrency mixer Tornado arrested in the Netherlands for alleged funds laundering

Suspected developer of just lately banned crypto mixer Tornado Cash has reportedly been arrested in Amsterdam for an alleged funds laundering conspiracy.

According to a new press release from the Financial Intelligence and Investigations Service (FIOD), the money crime division of the Dutch government, an unnamed guy has been arrested on fees of concealing a criminal offence. funds.

“On Wednesday, August 10, FIOD arrested a 29-year-old man in Amsterdam. He is suspected of being involved in concealing criminal funds and facilitating money laundering by mixing cryptocurrencies through the Tornado Cash decentralized Ethereum mixing service.”

Tornado Cash is an Ethereum-based mostly funds mixing services launched in 2019 that permits consumers to pool, shuffle, and withdraw their money anonymously. This services is mostly employed for money privacy, but is also employed by malicious events to conceal their unlawful pursuits.

The services was just lately blacklisted by the US Treasury Department for becoming deemed a risk to nationwide protection. According to the company, no a single in the United States is permitted to use the services any longer.

According to the Dutch Financial Advanced Cyber ​​Group (Truth), close to $seven billion has been invested on Tornado Cash given that its inception, $one billion of which is linked to criminal action.

“According to the TRUTH, [Tornado Cash] since then has achieved sales of at least $7 billion. Investigations show that at least $1 billion in crypto-currency of criminal origin was moved through the mixer. It is suspected that the individuals behind this organization have made large-scale profits from these transactions.”

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Featured photograph: Shutterstock / Liu zishan