Suspected Developer Of Tornado Cash Arrested In Amsterdam

Dutch authorities arrested a possible Tornado Cash developer in Amsterdam on Wednesday. The Dutch Fiscal Information and Investigation Service (FIOD) stated that the arrest occurred two days after the US government sanctioned the crypto mixing platform. Suspected Developer Apprehended By FIOD The FIOD arrested an unidentified 29-year-old in Amsterdam, the capital of the Netherlands. There is suspicion that he is involved in laundering money and hiding illicit financial flows using the Tornado Cash mixing service, which obscures blockchain-based transactions. FIOD stated that, on Friday, the suspect would be brought in front of an examining judge in Den Bosch at 11:30 as per local time. Moreover, as stated by FIOD, the authorities are paying “extra attention” to decentralized autonomous organizations (DAOs) that may facilitate money laundering. The agency started investigations in June, and over time, the agency plans to make more such arrests. Tornado Cash Mixing Service Users can anonymously transfer crypto assets with Tornado cash, an Ethereum-based crypto mixing service. On August 8, The US government added the crypto mixing platform and 44 associated Ethereum and USDC wallets to the Specially Designated Nationals List. Tornado Cash donations and its smart contract were among the identified wallets. In the wake of the sanctions, protocol deposits have plummeted, resulting in a substantial increase in withdrawals. Approximat...