By Ian Talley
WASHINGTON--The U.S. Treasury Department on Monday blacklisted cryptocurrency platform Tornado Cash, accusing the firm of laundering more than $7 billion in virtual currency since 2019, including $455 million allegedly stolen by the North Korean-sponsored hacking collective, the Lazarus Group.
The action against the so-called mixer platform-which allows users to exchange cryptocurrencies with relative anonymity-represents another salvo by the Biden administration against the burgeoning blockchain financial markets that many regulators, lawmakers and advocates say requires better oversight. Administration officials, backed by law enforcement, say they are particularly concerned by platforms that allow users the type of anonymity that can facilitate money laundering, terror finance and corruption.
Write to Ian Talley at ian.talley@wsj.com
(END) Dow Jones Newswires
08-08-22 1059ET
