The US Treasury Division has banned an Ethereum coin mixing instrument, Twister Money. The physique said that Twister Money and the lengthy checklist of Ethereum addresses had been banned for all Americans. No US citizen can use this instrument or make transactions with these addresses.
Twister Money is a DApp that permits you to make personal transactions on the Ethereum mainnet. It swimming pools collectively crypto belongings deposited by a number of customers and mixes these belongings to make the transactions obscured.
As The Treasury Division made the announcement about that ban, they listed an extended checklist of addresses linked to the Twister Money group. Additionally they included addresses the place customers may donate crypto belongings.
Nansen researcher Andrew Thurman said that the checklist of banned addresses additionally included the one which acquired crypto funds from Gitcoin. Based mostly on Ethereum, Gitcoin is a funding platform for open-source tasks.
Why FEDs Banned Twister Money?
The US Treasury Division mentioned that they needed to ban the app as criminals had been utilizing it to launder cash within the type of crypto belongings.
“Right now, the U.S. Division of the Treasury’s Workplace of International Belongings Management (OFAC) sanctioned digital forex mixer Twister Money, which has been used to launder greater than $7 billion value of digital forex since its creation in 2019,” learn the assertion.
The Division added issues in regards to the infamous North Korean hacker group and the way it used Twister Money to launder over $96 million value of cryptocurrencies. Lazarus Group additionally took accountability for the Concord Bridge hack in June.
Criminals used Twister Money to launder $7.8 million that was stolen final week within the Nomad Bridge hack.
“Regardless of public assurances in any other case, Twister Money has repeatedly didn’t impose efficient controls designed to cease it from laundering funds for malicious cyber actors regularly and with out primary measures to handle its dangers,” added Brian E. Nelson (Underneath Secretary of the Treasury for Terrorism and Monetary Intelligence)
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