United States of America: US Treasury adopts Sanctions Against Tornado Cash

On 8 August 2022, the US Treasury adopted sanctions against virtual currency mixer Tornado Cash as a result of it being used for money laundering activities. The Treasury designated Tornado Cash as having assisted "a cyber-enabled activity" from outside the US resulting in a significant threat to the US's national security, foreign policy, economic health, or financial stability through money laundering. As a result, Tornado Cash's property in the US and any transactions involving it will be blocked. According to the Treasury, the platform has been used to launder over USD 7 billion, including over USD 455 million stolen by North Korean-linked hackers.