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Tornado Cash

Tornado Cash At Center Of $287 Million Laundered In Q3: High-Profile Anomalies Exposed

Christian Encila
by Christian Encila
11 months ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The ongoing legal saga surrounding Tornado Cash, a cryptocurrency mixing service, has intensified as its co-founders face serious allegations of facilitating money laundering on a massive scale.

Roman Storm and Roman Semenov have been charged by the US Department of Justice (DOJ) with running a facility purportedly aiding in the laundering of over $1 billion in illegal money. This covers earnings from infamous cybercriminals such as Lazarus Group of North Korea.

Related Reading: $24 Million Crypto Heist: AT&T Back In Legal Hot Water Over SIM Swap Scandal

The DOJ claims that Tornado Cash neglected required rules, including acquiring a money-transmitting license, which casts doubts on the operating validity of the platform. Storm argues that they never plotted to launder money and that Tornado Cash is just software code covered under the First Amendment.

However, the DOJ contends that this argument misrepresents the service’s functionality and its role in facilitating illegal activities.

Tornado Cash: Legal Actions Get Hot

Legal experts are closely observing how the court will view the junction of law and technology as the trial, scheduled for December 2, 2024, gets ready. Storm’s plea to dismiss the charges has already been denied by the judge, who said that matters brought up by his defense should be settled in court instead of through pre-trial motions.

#CertiKInsight 🚨

In Q3 2024, in 30 out of the 156 incidents we recorded, @TornadoCash was the sole method used for laundering, accounting for ~$287M of stolen funds.

In 66 of the incidents stolen funds have yet to be laundered or returned. pic.twitter.com/a7cgSyRttA

— CertiK Alert (@CertiKAlert) October 4, 2024

This decision emphasizes how difficult it is to fit conventional legal systems to decentralized technology like Tornado Cash. A report from Certik discloses that Tornado Cash is still a favorite tool for hackers; in Q3 2024 alone, it was connected to laundering $287 million over several events. This continuous use begs questions on how authorities will handle the problems presented by decentralized finance (DeFi) systems.

Total crypto market cap currently at $2.1 trillion. Chart: TradingView

The Bigger Picture

This case has consequences beyond only Tornado Cash and its founders. It draws attention to the conflict developing between the necessity of regulatory control to fight financial crime and privacy in crypto transactions. Although Tornado Cash might provide real consumers with a means to keep financial privacy, its connection to criminal activity calls into doubt its standing among the crypto community.

Related Reading: Ripple CTO Sounds Alarm: New Form Of Scam Targets Crypto Users

What Lies Ahead

Many people are left wondering how future rules will affect the scene of cryptocurrencies and whether privacy can coexist with compliance as authorities intensify enforcement activities against mixers and other privacy-oriented services.

Featured image from Pixabay, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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