Buy $GGsJust In: Suspected Tornado Cash Dev Detained After U.S. Ban
The Fiscal Information and Investigation Service (FIOD) of the Netherland announced that it has arrested the suspected developer of the Tornado Cash. Recently, a U.S agency launched sanctions over the crypto mixing platform.
More arrests to come in relation to Tornado Cash
Tornado Cash has been accused of laundering funds connected to cybercrimes. However, the U.S. Department of the Treasury sanctioned the crypto mixer for cleaning billion worth of funds.
As per the report, the detained person was produced in front of the examining judge. The agency suggested that multiple arrests can be done in the future regarding the investigation. However, it highlighted that FIOD is giving extra attention to these kinds of crimes lately.
The Financial Advanced Cyber Team (FACT) which works under FIOD launched an inquiry against Tornado Cash, back in June 2022. The FACT conducted that the platform was widely used to tuck away heavy funds involved in criminal activity. This also included crypto hacks, thefts, and scams.
It mentioned that the funds stolen by the North Korean hacking group were laundered by Tornado Cash. The FACT team suggests that since its inception in 2019, the crypto mixer platform made a turnover of around $7 billion.
Crypto mixer made billions in profit
The report added that over $1 billion worth of digital assets related to criminal origin has been passed through Tornado Cash. it is suspected that its maker has generated huge amounts of profits from these transactions.
Meanwhile, the US government placed Tornado Cash on the OFAC sanctions list on August 8, 2022. While an investigation has been launched for serious fraud and asset confiscation by the public prosecutor’s office.
However, the blockchain community witnessed that an alternate website with continued access to Tornado Cash being developed and hosted.
Patrick Collins, a developer advocate for Chainlink revealed that some developers have jumped into action in counter to the ban. However, they have successfully made a gateway with an obscure link redirecting to Tornado Cash.
Play 10,000+ Casino Games at BC Game with Ease
- Instant Deposits And Withdrawals
- Crypto Casino And Sports Betting
- Exclusive Bonuses And Rewards
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- US-Iran War: Reports Confirm Bombings In UAE, Bahrain and Kuwait As Crypto Market Makes Recovery
- XRP Price Dips on US-Iran Conflict, But Capitulation Signals March Rebound
- Crypto Market at Risk as U.S.–Iran War Threatens Inflation With Oil Price Surge
- Polymarket U.S.–Iran Strike Bets Fuel Insider Trading Speculation as Crypto Traders Net $1.2M
- Cardano’s DeFi TVL Climbs as USDCx Stablecoin Launches on Network
- Circle (CRCL) Stock Price Prediction as Today is the CLARITY Act Deadline
- Analysts Predict Where XRP Price Could Close This Week – March 2026
- Top Analyst Predicts Pi Network Price Bottom, Flags Key Catalysts
- Will Ethereum Price Hold $1,900 Level After Five Weeks of $563M ETF Selling?
- Top 2 Price Predictions Ethereum and Solana Ahead of March 1 Clarity Act Stablecoin Deadline
- Pi Network Price Prediction Ahead of Protocol Upgrades Deadline on March 1
