Tether may be in violation of US sanctions on Tornado Cash

Tether may be in violation of US sanctions on Tornado Cash

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Tether may be in violation of US sanctions on Tornado Cash

CryptoSlatea month ago
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Published on August 24, 2022 13:30 GMT+00:00edited on August 25, 2022 01:31 GMT+00:00

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Tether, the world’s largest stablecoin by market cap, may be in violation of U.S. Treasury sanctions on Tornado Cash, according to the Washington Post.

Tornado Cash falls foul of the U.S. Treasury

On August 8, the U.S. Treasury Office of Foreign Assets Control (OFAC) added crypto mixer Tornado Cash to its list of sanctioned entities.

The agency alleged Tornado Cash had enabled North Korean hackers and other criminal enterprises to launder billions in cryptocurrencies obtained through nefarious means.

Complying with the sanctions, multiple U.S. firms moved to cut ties with the mixer. Including Circle, which blacklisted USDC accounts belonging to the organization, and Github, which removed developer access to its platform.

The fallout from the sanctions has brought to light the role …