The US Treasury Division has banned an Ethereum coin mixing software, Twister Money. The physique acknowledged that Twister Money and the lengthy listing of Ethereum addresses had been banned for all Americans. No US citizen can use this software or make transactions with these addresses.
Twister Money is a DApp that allows you to make non-public transactions on the Ethereum mainnet. It swimming pools collectively crypto belongings deposited by a number of customers and mixes these belongings to make the transactions obscured.
As The Treasury Division made the announcement about that ban, they listed a protracted listing of addresses linked to the Twister Money group. In addition they included addresses the place customers may donate crypto belongings.
Nansen researcher Andrew Thurman acknowledged that the listing of banned addresses additionally included the one which obtained crypto funds from Gitcoin. Primarily based on Ethereum, Gitcoin is a funding platform for open-source initiatives.
Why FEDs Banned Twister Money?
The US Treasury Division mentioned that they needed to ban the app as criminals have been utilizing it to launder cash within the type of crypto belongings.
“As we speak, the U.S. Division of the Treasury’s Workplace of Overseas Property Management (OFAC) sanctioned digital forex mixer Twister Money, which has been used to launder greater than $7 billion price of digital forex since its creation in 2019,” learn the assertion.
The Division added issues concerning the infamous North Korean hacker group and the way it used Twister Money to launder over $96 million price of cryptocurrencies. Lazarus Group additionally took duty for the Concord Bridge hack in June.
Criminals used Twister Money to launder $7.8 million that was stolen final week within the Nomad Bridge hack.
“Regardless of public assurances in any other case, Twister Money has repeatedly didn’t impose efficient controls designed to cease it from laundering funds for malicious cyber actors frequently and with out primary measures to deal with its dangers,” added Brian E. Nelson (Below Secretary of the Treasury for Terrorism and Monetary Intelligence)
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