VRB News
Virtual Reality Brisbane
  • Home
  • About us
  • IT news
  • Tech
  • World
  • Contact
No Result
View All Result
  • Home
  • About us
  • IT news
  • Tech
  • World
  • Contact
No Result
View All Result
No Result
View All Result
Home IT news

Tornado Cash: U.S. lawmakers demand explanation on sanctions

admin by admin
August 29, 2022
in IT news
0
Tornado Cash: US-Gesetzgeber fordert Erklärung zu Sanktionen
0
SHARES
12
VIEWS
Share on FacebookShare on Twitter

In a letter to Treasury Secretary Janet Yellen, Minnesota’s Sixth District Congressman Tom Emmer demands an explanation for what he believes is an unprecedented sanctioning of Tornado Cash.

On August 8, the Office of Foreign Asset Control (OFAC) of the US Treasury Department sanctioned the mixing service Tornado Cash. He allegedly supported money laundering in the amount of 7 billion US dollars. The notorious North Korean hacker group Lazerus also used this platform to launder stolen funds in the amount of $ 455 million.

“The tornado sanctions are unique”

In a letter, Emmer explains that the sanctions are unique because they are directed against a software and not against an individual. This completely disregards previous precedents.

“For the first time, the OFAC sanctions are not directed against a person or organization. Instead, the sanctions against virtual currency anonymization software, Tornado Cash, were imposed in accordance with Executive Order 13694. According to the regulation, the software is responsible for or involved in malicious activities in cyberspace. In addition, it poses a threat to the national security, foreign policy, economic health and financial stability of the United States,” Emmer said in his letter to the Treasury Department.

Congressman Asks Treasury to Explain Sanctionable Technology

Congressman Emmer asked the Ministry of Finance to explain in more detail to what extent technology is sanctionable and what criteria play a role in this. This is especially important for blockchain developers. He also called for an explanation of what measures should be taken to enforce the financial laws in the foreseeable future.

“It would be helpful for Congress and blockchain developers to understand what factors were significant in OFAC’s inclusion of this technology in the SDN list,” the letter says.

Tornado Cash developers shipped to the US

Since the imposition of the sanctions and the initiation of the investigation, the Dutch authorities have arrested a 29-year-old man. He is said to be the mastermind behind the development of Tornado Cash and was therefore extradited to the United States. He is accused of promoting illegal financial flows, money laundering, and mixing cryptocurrencies via the decentralized mixing service.

According to Emmer, the Undersecretary of the Ministry of Finance for Terrorism and Financial News failed to refute the argument of Tornado Cash. As a result, the platform has made several attempts to introduce effective controls to prevent money laundering, but has failed several times.

Previous Post

Coinbase Sues Again: Are Cryptocurrencies Securities?

Next Post

Adapting the original DK1 roller coaster to Unity

admin

admin

Related Posts

Gamer’s Week 2023: Know all the promotions on Amazon Mexico
IT news

Gamer’s Week 2023: Know all the promotions on Amazon Mexico

February 6, 2023
ChatGPT gets paid version with subscription model
IT news

ChatGPT gets paid version with subscription model

February 2, 2023
When is the HOT SALE 2023 in Mexico?
IT news

When is the HOT SALE 2023 in Mexico?

January 31, 2023
Dedicated Servers
IT news

The advantages of dedicated servers: cost, performance, security

January 27, 2023
Different types of proxies and their benefits for online security
IT news

Different types of proxies and their benefits for online security

January 27, 2023
Next Post

Adapting the original DK1 roller coaster to Unity

Premium Content

SideQuest gets a big update

SideQuest gets a big update

August 19, 2020
This Alexa app creates music using AI

This Alexa app creates music using AI

November 27, 2021
Fahrenheit Demo - Indigo Prophecy by Hyperlight

Fahrenheit Demo – Indigo Prophecy by Hyperlight

June 17, 2022

Browse by Category

  • Games
  • IT news
  • Tech
  • World

VRB News is ready to cooperate with webmasters and content creators. Send an email to info@virtualrealitybrisbane.com

Categories

  • Games
  • IT news
  • Tech
  • World

Recent Posts

  • Gamer’s Week 2023: Know all the promotions on Amazon Mexico
  • ChatGPT gets paid version with subscription model
  • When is the HOT SALE 2023 in Mexico?

© 2021 - The project has been developed ServReality

No Result
View All Result
  • Home
  • About us
  • IT news
  • Tech
  • World
  • Contact

© 2021 - The project has been developed ServReality

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?