What is tornado cash?

“Today, Treasury is sanctioning Tornado Cash, a virtual currency mixer that launders the proceeds of cybercrimes, including those committed against victims in the United States,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson.

Can the Treasury block tornado cash?

Luke MacGregor/Bloomberg A group of cryptocurrency investors sued the Treasury Department on Thursday to block government sanctions that bar Americans from Tornado Cash, a popular crypto platform that criminals have used to launder virtual currencies.

Is a tornado a threat to crypto investors?

A tornado is seen on a field in D’arcy, Saskatchewan, Canada June 15, 2021. The Treasury Department’s crackdown on Tornado Cash was meant to stop criminals. But a lot of ordinary crypto investors with honest intentions are now at risk.

What happened to USDC & tornado cash?

Circle, the firm behind the U.S. dollar pegged stablecoin USDC, has reportedly frozen about $75,000 in USDC that was connected to Tornado, according to Dune, a crypto data aggregator. Crypto exchange Coinbase will also have to block its customers from sending funds to Tornado Cash, given the new ground rules from Treasury.