suspected

Tordano cash developer

ARRESTED

A 29-year-old man was detained by the Netherlands Crime Agency (FIOD) on Wednesday in Amsterdam, where it is believed that he is the creator of Tornado Cash, a cryptocurrency that was just sanctioned by the U.S. Treasury

The suspected criminal is accused of promoting illegal financial flows, money laundering, and cryptocurrency mixing using Tornado Cash, a decentralized Ethereum mixing service.

FIOD reports after arresting

FIOD reports after arresting

“Today the suspect is brought before the examining judge, adding that “multiple arrests are not ruled out,”

The arrest, according to FIOD, is meant to curb the number of crypto mixers who have flooded the market, defrauding individuals of billions of dollars.

According to reports, mixer businesses have touted the privacy benefit of increasing the anonymity of transactions utilizing currencies such as bitcoin and Ethereum, which record publicly viewable transactions on blockchain technology.

In a statement issued on Monday, Brian E. Nelson, Treasury Department undersecretary for terrorism and financial intelligence, said

“Despite public assurances otherwise, Tornado Cash has repeatedly failed to impose effective controls designed to stop it from laundering funds for malicious cyber actors on a regular basis and without basic measures to address its risks,”

Among the money allegedly laundered through Tornado were more than $104 million in cryptocurrency stolen in two separate attacks on crypto "bridge" providers Harmony and Nomad in June and August, respectively.

Further Treasury Department officials said