Crypto exchange Coinbase on Thursday said it is funding a lawsuit brought by six people challenging the Treasury Department’s sanctions of Tornado Cash. Tornado Cash, often referred to as a crypto mixer, is an open source software running on the Ethereum blockchain. On August 8, the U.S. authorities sanctioned the crypto mixer for allegedly laundering money worth billions. The Office of Foreign Assets Control (OFAC) found activities of a U.S. sanctioned hacker group on the software.
Coinbase Now Supporting Lawsuit To Relieve Tornado Cash From Sanctions
The authorities accused the company of laundering funds related to cybercrimes in the country. They described Tornado as a virtual currency mixer that ‘launders the proceeds of cybercrimes‘. Tornado Cash preserves privacy by allowing users to deposit assets from one crypto address and withdraw them using a different crypto address.
The post Coinbase Says It Is Funding Lawsuit Against Tornado Cash Sanctions appeared first on CoinGape.
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