Cryptocurrency: US authorities seize loot from digital theft

The company stated in a blog post that it was involved in the recovery along with US law enforcement agencies and other crypto organizations. The confiscations make after the exchange rate fluctuations Over the past few months, about a tenth of the funds stolen in March have been diverted from the blockchain game, according to Chainalysis.

More than a billion dollars stolen

»We estimate that groups linked to North Korea in 2022 have stolen about $1 billion in cryptocurrency from DeFi protocols so far,” the company also stated. Chainalysis was referring to decentralized financial protocols, a generic term for financial services offered on public blockchains.

To hide the money from the authorities and to exchange them for real currencies, the attackers are said to have used the Tornado Cash service, among other things. Because of the connections to North Korea, US authorities imposed sanctions on the platform in August, which mixes money flows and thus encourages money laundering. In the Netherlands a 29 year old developer of the service arrested.

Crypto exchange Coinbase said Thursday it is funding a lawsuit against the US Treasury Department to block sanctions denying Americans access to Tornado Cash. In the lawsuit, filed Thursday in a U.S. district court in Texas, six Tornado Cash users accused the Treasury Department of violating constitutional rights to free speech and exceeding its authority in sanctioning the cryptocurrency mixer.

The lawsuit alleges that while the US Treasury Department’s Office of Foreign Assets Control (OFAC) has certain sanctioning powers, its jurisdiction does not expand extends software code and smart contracts. »Tornado Cash is not a person, entity or organization. It is a decentralized, open-source software project that restores privacy to Ethereum users,” the lawsuit reads.

White House complains about energy consumption

Politically, however, this argument has less and less support. The White House now has a new report 2022 presented to the high Energy consumption of cryptocurrencies complained that there were no positive effects. The authors of the report recommend restrictions if operators do not switch to techniques such as proof of stake, which consume significantly less energy 2022.

The US Securities and Exchange Commission is also preparing according to » Washington Post« several reports before 2022, according to which crypto assets are the could jeopardize US financial stability. The SEC also wants investment fraud in these markets 20222022 more into focus.

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