US sanctions crypto mixer Tornado Cash

CNBC reports that the widely-used cryptocurrency mixer Tornado Cash has been sanctioned by the U.S. Department of Treasury after helping facilitate the laundering of cybercrime proceeds, barring anyone within the U.S. from using the service. More than $7 billion in cryptocurrency has been laundered using Tornado Cash since the mixing service was unveiled in 2019, according to the Treasury, which is significantly higher than the $1.5 billion reported by blockchain analytics company Elliptic. "Despite public assurances otherwise, Tornado Cash has repeatedly failed to impose effective controls designed to stop it from laundering funds for malicious cyber actors on a regular basis and without basic measures to address its risks," said Treasury Under Secretary for Terrorism and Financial Intelligence Brian Nelson. Blender.io, another cryptocurrency mixing service, had been similarly sanctioned by the U.S. in May. "The United States will continue to pursue actions against mixers laundering virtual currency for criminals and those who assist them," said U.S. Secretary of State Antony Blinken.