Court overturns US sanctions against cryptocurrency mixer Tornado Cash
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Nov 26 (Reuters) - The U.S. Treasury Department acted outside its authority when it sanctioned cryptocurrency mixer Tornado Cash in 2022 and accused it of helping launder over $7 billion for North Korean hackers and other malicious cyber actors, a U.S. appeals court ruled.
A three-judge panel of the New Orleans-based 5th U.S. Circuit Court of Appeals on Tuesday sided with, opens new tab six users of Tornado Cash who with the financial backing of the cryptocurrency exchange Coinbase (COIN.O), opens new tab filed a lawsuit challenging the sanctions.
Cryptocurrency mixers are anonymized software tools that allow users to conceal the source or owner of digital assets. The sanctions had been imposed by the Treasury Department's Office of Foreign Assets Control pursuant to the International Emergency Economic Powers Act.
OFAC blacklisted Tornado Cash after concluding it was helping launder proceeds of cyber crimes, including more than $455 million stolen by the Lazarus Group, …
A three-judge panel of the New Orleans-based 5th U.S. Circuit Court of Appeals on Tuesday sided with, opens new tab six users of Tornado Cash who with the financial backing of the cryptocurrency exchange Coinbase (COIN.O), opens new tab filed a lawsuit challenging the sanctions.
Cryptocurrency mixers are anonymized software tools that allow users to conceal the source or owner of digital assets. The sanctions had been imposed by the Treasury Department's Office of Foreign Assets Control pursuant to the International Emergency Economic Powers Act.
OFAC blacklisted Tornado Cash after concluding it was helping launder proceeds of cyber crimes, including more than $455 million stolen by the Lazarus Group, …