US Government Lifts Tornado Cash Sanctions & Ban

According to a press release issued Friday, the US Treasury Department has officially removed Tornado Cash sanctions. Indeed, they noted that they have removed the crypto mixing tool from global restrictions based on a review made by the current administration.

Tornado Cash has long been accused of helping the Lazarus Group, a North Korean hacking entity. Most recently, the group was reported to be behind a $1.4 billion high-profile theft that hit cryptocurrency exchange Bybit. However, the current administration has maintained its commitment to combating similar money laundering campaigns.

JUST IN: US Government lifts Tornado Cash sanctions and ban.

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Also Read: Tornado Cash Developer Alexey Pertsev Released From Prison

US Treasury Department Officially Removes Tornado Cash Sanctions

Throughout the first two months of the returning Trump administration, the cryptocurrency market has been a clear focus. Indeed, the US president has sought to make the United States the crypto capital of the world. Moreover, he has brought forth a commitment to handling the industry with a fairness that illuded the previous administration.

Those efforts continued with a landmark ruling by the government Friday. Indeed, the US Treasury Department announced they are removing Tornado Cash sanctions and the subsequent ban in a press release. The crypto mixing tool was sanctioned and unavailable for use by any US person or individual doing business with the US. That has changed now.

Also Read: Texas Court Overturns Tornado Cash Sanctions in Landmark Ruling

“We remain deeply concerned about the significant state-sponsored hacking and money laundering campaign aimed at stealing, acquiring, and deploying digital assets for the Democratic People’s Republic of Korea (DPRK) and the Kim Regime,” the department stated.

North Korea officially surpassed both El Salvador and Bhutan after the previously mentioned $1.4 billion Bybit hack. Additionally, the Treasury Department noted they are “committed to enforcing our sanctions against the DRPK” to help protect from fraud in the digital sphere and the dangers that come with those thefts.