Cryptocurrency

Netherlands arrests suspected Tornado Cash developer

Dutch authorities arrested an unnamed 29-year-old man suspected of being the developer of Tornado Cash in Amsterdam on August 10.

According to a press release issued According to the Office of Financial Intelligence and Investigation on Aug. 12, the man “allegedly mixed cryptocurrencies through Tornado Cash, a decentralized Ethereum mixing service, to hide criminal financial flows and facilitate money laundering. there is”.

Crime agencies said they opened a criminal investigation into Tornado Cash in June. This was due to suspicions that the protocol was “used to hide large-scale criminal fund flows from (online) cryptocurrency theft (so-called cryptocurrency hacking and fraud).” )โ€

Additionally, the agency said its protocol investigation did not rule out further arrests.

Tornado Cash was approved by the U.S. Treasury Department on August 8th and was widely criticized by the cryptocurrency community. Some crypto companies, such as Circle and dYdX, block users from using crypto mixers.

Meanwhile, US Secretary of State Anthony Brinken said the government will continue to crack down on the use of cryptocurrency mixers used by criminals to launder money.

CryptoSlate will report more details as the news develops.

Posted In: Netherlands, Legal

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