The Dutch government agency responsible for investigating financial crimes said it has arrested an individual suspected of being a developer of the U.S.-approved Tornado Cash.
According to the Fiscal Information and Investigation Service, a 29-year-old man has been arrested and is suspected of being involved in criminal financial flows and facilitating money laundered through the popular digital currency, cryptocurrencies.
There are multiple arrests that are not ruled out. The agency made an arrest in Amsterdam.
The move comes days after the U.S. government imposed sanctions on Tornado Cash, a service that allows users to mask their transactions by jumbling funds from different sources before sending them to the ultimate destination.
More than $7 billion worth of virtual currency has been laundered using Tornado Cash. According to security firms, the platform was used to laundered money from the $600 million Ronin Bridge breach and the $100 million compromise of the Harmony Bridge.
Over a billion dollars in proceeds of crime have been laundered through Tornado Cash to date, according to Elliptic.
Proponents of privacy argue that mainstream payments railroads have been used for more money Laundering.
gonna have to arrest the developers behind swift, ach network, visa, mastercard because my understanding is that fraudulent transactions and money laundering occur on global financial networks
— Mike D
das (
,
) (@mdudas) August 12, 2022
Privacy is not a crime.
Developing tools to maintain your privacy is not a crime.
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