October 6, 2022
Technology

Government Crackdown On Cryptocurrency Industry Continues

After the U.S sanctioned a decentralized crypto funding service, more red flags have turned up that suggest illegal activity takes place with said services. , Dutch authorities arrested one of their developers who’s suspected to be partaking in this suspicious behavior.

The FIOD also insinuated that “Tornado Cash has been used to conceal large-scale criminal money flows, including from (theft of) cryptocurrencies. But by far the heaviest activity is involved in making swift revenue streams through crypto scams.”

In June 2022 the agency started an investigation into Tornado Cash but at this time it’s uncertain if there will be further arrests or not. However, one aspect is clear: according to senior official Russell Voaden all levels of society are currently estimated engage in illicit activities using TRC and Co. have done well for themselves with their business model resulting in tidy profit margins for larceny schemes facilitates on a daily basis nowadays…

Earlier this week, two cryptocurrency mixers that are helping criminals launder stolen money were slapped with sanctions.

Bloomberg reported: “The platform works by pooling and scrambling various digital assets from thousands of addresses to conceal the trail back to asset’s original source”

With the integration of tracking features, cryptocurrency mixing services are viewed as a vehicle for laundering money.

Since the integration of cryptocurrency exchanges, money laundering is viewed as a way to launder your own coins.

North Korea is suspected of using its hacking power to attack cryptocurrency exchanges and services, resulting in the U.S government taking action against North Korea’s use of cyber warfare measures against crypto platforms.

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