The co-founder of crypto mixer Tornado Cash has been added to the US Treasury’s OFAC list of sanctioned individuals.
nine months later, on April 26, 2023, and is currently awaiting trial for facilitating crypto asset-based money laundering.Semenov was added to OFAC’s list after a judge sided with the US Treasury on Aug. 18 in the Tornado Cash lawsuit. In that case, Tornado Cash tried to say that OFAC went beyond its authority and jurisdiction when it banned the crypto mixer.
In 2022, the agency sanctioned Tornado Cash because it said that hackers had been able to launder as much as $7 billion worth of stolen crypto assets through it. At that time, OFAC provided information on 45 ETH wallets that it claimed the crypto tumbler had used to help launder illicit funds. Following the sanctioning and indictments of Semenov and Storm, the crypto advocacy organization Coin Center issued aThe Center’s Director of Research, Peter Van Valkenburgh, pointed out that the indictment lacked sufficient details to prove clear violations of the law.
According to Van Valkenburgh, the Tornado Cash co-founders appear to fall under the category of anonymizing software providers, as outlined by FinCEN, rather than money transmitters.
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