Connect with us

Markets

Dutch Cops Arrest 29-Year-Old Suspected Tornado Cash Developer

On Wednesday, the Netherlands Crime Agency (FIOD) arrested a 29-year-old man in Amsterdam suspected to be the developer of Tornado Cash, which was recently sanctioned by the U.S. Treasury.

The post Dutch Cops Arrest 29-Year-Old Suspected Tornado Cash Developer appeared first on BeInCrypto.

On Wednesday, the Netherlands Crime Agency (FIOD) arrested a 29-year-old man in Amsterdam suspected to be the developer of Tornado Cash, which was recently sanctioned by the U.S. Treasury.

The suspected criminal has allegedly been sponsoring illicit financial flows, money laundering, and mixing cryptocurrencies through a decentralized Ethereum mixing service Tornado Cash

“Today the suspect is brought before the examining judge, adding that “multiple arrests are not ruled out,” FIOD said

According to FIOD, the arrest intends to cut down on crypto mixers that have swarmed the industry and ripping off people billions of dollars. It is reported that mixer companies have touted the privacy benefit of increasing the anonymity of transactions involving currencies like bitcoin and Ethereum, which list transactions on blockchain technology accessible to the public.


Cybercriminals have also used other services to launder money, Treasury officials said on Monday, accusing Tornado of failing to block more than $7 billion of digital currency from being stolen through hacks by a group believed to be associated with North Korea.


“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 Brian E. Nelson, Treasury Department undersecretary for terrorism and financial intelligence, in a statement on Monday.

Illicit financial flows


Among the funds allegedly laundered through Tornado was more than $104 million of cryptocurrency stolen in two separate hacks on crypto “bridge” services Harmony and Nomad this June and August, respectively, Treasury Department officials said. Crypto bridges are designed to allow users to transfer funds between different blockchains and have increasingly become a target for hacking in recent months, cybersecurity experts say.


The sanctions and now arrest has sparked outrage from the public, with enthusiasts saying the governments are going after start-ups that could actually be great for the technology industry. Governments are not focused on the broader digital currency ecosystem that criminals have used in bids to hide their tracks.

What do you think about this subject? Write to us and tell us!

The post Dutch Cops Arrest 29-Year-Old Suspected Tornado Cash Developer appeared first on BeInCrypto.

Source: Markets – BeInCrypto

Continue Reading
Advertisement

Altcoins

Nasdaq focused on crypto custody services but no plans for crypto platform yet

In September, the world’s second-largest stock exchange Nasdaq announced that it will offer custody…

The post Nasdaq focused on crypto custody services but no plans for crypto platform yet appeared first on CoinJournal.

In September, the world’s second-largest stock exchange Nasdaq announced that it will offer custody services for Bitcoin (BTC) and Ether (ETH) to institutional investors. Nasdaq hired Ira Auerbach, a former Gemini employee, to head the new Nasdaq Digital Assets unit.

The main reason the new Nasdaq Digital Assets Unit was targeted toward institutional investors is the remarkable growth in crypto adoption among this class of investors in the past few years. While investing in cryptocurrencies is one thing, safeguarding the accumulated crypto holdings is another and company-owned crypto funds require special handling thus the need for custodial services.

While many crypto exchanges already offer crypto custody services for institutional investors, many believe the institutional investors’ space is largely neglected and Nasdaq is not late for the party.

No plans for a Nasdaq crypto platform yet

Despite Nasdaq jumping into the crypto space with the crypto custody services, the company’s executive vice president and head of North American markets, Tal Cohen, said that the company shall wait for further clarity in crypto regulations and global crypto adoption before it decides on whether to launch a crypto platform.

Speaking to Bloomberg TV, Cohen said:

“Those are discussions we are happy to have. But right now, on the retail side, the market is fairly saturated. There’s a number of exchanges servicing the retail customer base.”

Nasdaq instead plans to stick to its crypto custody services citing massive demand and opportunity from customers.

Cohen said:

“We think if you can safe-keep peoples’ assets, they’ll trust you to do everything else afterwards.”

Cohen also said that besides the custody services, the stock exchange was working on facilitating the transfer of digital assets.

The post Nasdaq focused on crypto custody services but no plans for crypto platform yet appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

Continue Reading
Advertisement

Top Posts

We need your support.

Enjoying our free service? Please help us by clicking the ads on our website. They are 100% safe. Thank you!