US sanctions Tornado Cash over fears of aiding North Korean hackers

US treasury says popular cryptocurrency service reportedly laundered more than $7bn worth of virtual currency

The United States on Monday imposed sanctions on Tornado Cash, a popular cryptocurrency service that allows users to mask their transactions, accusing it of helping hackers, including from North Korea, to launder proceeds from their cybercrimes.

A senior treasury department official said Tornado Cash, one of the largest virtual currency mixers" identified as problematic by the treasury, has reportedly laundered more than $7bn worth of virtual currency since it was created in 2019.