Reuters reports that widely known cryptocurrency mixing service Tornado Cash had sanctions imposed by the Biden administration over its involvement in the laundering of over $7 billion for North Korean hackers and other cyber threat actors repealed by the U.S. Treasury Department on Friday, months after the department's Office of Foreign Assets Control was found by an appeals court to not have the authority to issue such punitive action.
While the Treasury Department said that it had reversed the sanctions following a legal and policy review surrounding such action, Treasury Secretary expressed continued concern about North Korean state-backed threat actors' money laundering activities meant to support the country's weapons program and other activities. "Securing the digital asset industry from abuse by North Korea and other illicit actors is essential to establishing U.S. leadership and ensuring that the American people can benefit from financial innovation and inclusion," noted Bessent.
While the Treasury Department said that it had reversed the sanctions following a legal and policy review surrounding such action, Treasury Secretary expressed continued concern about North Korean state-backed threat actors' money laundering activities meant to support the country's weapons program and other activities. "Securing the digital asset industry from abuse by North Korea and other illicit actors is essential to establishing U.S. leadership and ensuring that the American people can benefit from financial innovation and inclusion," noted Bessent.
