CryptoMediaClub
Saturday, July 5, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home All news

Tornado Cash Co-Founder Roman Semenov Added to OFAC’s Sanctions List

24.08.2023
A A
0
124
VIEWS
ShareShare

In an Aug. 23 statement on its website, OFAC indicated that it had added Roman Semenov, a Russian national who helped start Tornado Cash, to a list of people who are “specially designated nationals.”

OFAC wrote down all of his known email addresses and his Ethereum (ETH) wallets.

Tornado Cash Co-Founders Facing Money Laundering Charge

Additionally, the FBI and the IRS detained Roman Storm, another co-founder of the crypto mixer, on August 24. Semenov and Storm were charged with conspiracy to commit money laundering, conspiracy to operate an unauthorized money-transfer business, and conspiracy to violate sanctions.

According to Wally Adeyemo, Deputy Secretary of the Treasury, Semenov and Storm allegedly laundered hundreds of millions of dollars worth of stolen crypto on behalf of the Lazarus Group, which is connected to the North Korean regime of Kim Jong Un.

Nearly a year ago, Semenov reported that his account was suspended on GitHub. Around the same time, a Tornado Cash developer, Alexey Pertsev, was arrested by the Dutch Finance and Information Service. He was released nine months later, on April 26, 2023, and is currently awaiting trial for facilitating crypto asset-based money laundering.

Judge Sides With OFAC

Semenov was added to OFAC’s list after a judge sided with the US Treasury on Aug. 18 in the Tornado Cash lawsuit. In that case, Tornado Cash tried to say that OFAC went beyond its authority and jurisdiction when it banned the crypto mixer.

The move by OFAC is the first big step to put penalties on Semenov himself, not just on Tornado Cash as a company.

In 2022, the agency sanctioned Tornado Cash because it said that hackers had been able to launder as much as $7 billion worth of stolen crypto assets through it. At that time, OFAC provided information on 45 ETH wallets that it claimed the crypto tumbler had used to help launder illicit funds.

The judge in charge of the case decided that Tornado Cash could be sanctioned since it bore the hallmarks of a person because it was composed of its founders, developers, and a decentralized autonomous organization (DAO) that governed it.

The blacklisting of Tornado Cash meant that US citizens were banned from using the service.

Indictments Run Counter to FinCEN Guidance

Following the sanctioning and indictments of Semenov and Storm, the crypto advocacy organization Coin Center issued a statement regarding the issue.

The Center’s Director of Research, Peter Van Valkenburgh, pointed out that the indictment lacked sufficient details to prove clear violations of the law.

He claimed Semenov and Storm are accused of “transferring funds on behalf of the public” without registering with the Financial Crimes Enforcement Network (FinCEN). Yet, no evidence has been given to show they engaged in activities qualifying as money transmission according to the Bank Secrecy Act’s regulations.

According to Van Valkenburgh, the Tornado Cash co-founders appear to fall under the category of anonymizing software providers, as outlined by FinCEN, rather than money transmitters.

Activities the two were involved in, such as web hosting and software repository services, are excluded from money transmission under FinCEN’s 2019 guidance.

Furthermore, per Coin Center, the indictment also states the defendants advertised the Tornado Cash tool, profited from a governance token, and designed aspects of it, but these activities do not align with the definition of “acceptance and transmission” of money.

SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

Share10Tweet6ShareSharePin2

Related Posts

XRP Price Prediction: Despite Recent Slip, Ripple’s Institutional Push Targets $10 – What to Watch
All news

XRP Price Prediction: Despite Recent Slip, Ripple’s Institutional Push Targets $10 – What to Watch

05.07.2025
0

XRP price is trading at $2.22 with a neutral bias, despite a minor 0.58% dip in the past 24 hours....

Read moreDetails
Ethereum Price Prediction: ETH Gains 4% This Week, Yet Golden Cross Flops – Is $3,000 Out of Reach?

Ethereum Price Prediction: ETH Gains 4% This Week, Yet Golden Cross Flops – Is $3,000 Out of Reach?

05.07.2025
Glassnode’s James Check Warns Bitcoin Treasury Boom Could Be Short-Lived

Glassnode’s James Check Warns Bitcoin Treasury Boom Could Be Short-Lived

05.07.2025
Crypto Traders on Alert as Sweden Expands Law to Seize Digital Assets

Crypto Traders on Alert as Sweden Expands Law to Seize Digital Assets

05.07.2025
Sanctioned Russian Giant Rostec Bypasses Banks with Tron-Based RUBx Stablecoin

Sanctioned Russian Giant Rostec Bypasses Banks with Tron-Based RUBx Stablecoin

05.07.2025
Load More
Next Post
Bitcoin Fails to Recover. More Crash to Come?

Bitcoin Fails to Recover. More Crash to Come?

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Montenegro Confirms Accomplished Extradition of Do Kwon on Tuesday

Montenegro Confirms Accomplished Extradition of Do Kwon on Tuesday

6 months ago
From joke to investment: The surprising resilience of memecoins in crypto

From joke to investment: The surprising resilience of memecoins in crypto

2 years ago
Circle Eyes Philippines Expansion With Coins.ph Collaboration

Circle Eyes Philippines Expansion With Coins.ph Collaboration

2 years ago
Creation of Regulatory Framework for Crypto in U.S. Stuck

Creation of Regulatory Framework for Crypto in U.S. Stuck

9 months ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Crypto Traders on Alert as Sweden Expands Law to Seize Digital Assets

Sanctioned Russian Giant Rostec Bypasses Banks with Tron-Based RUBx Stablecoin

Crypto Price Prediction Today 4 July – XRP, Shiba Inu, Pepe

XRP Price Prediction: Swiss Bank Embraces Ripple’s RLUSD – Billions Flowing into XRP?

ChatGPT’s 42-Signal TRX Analysis Flags Corporate Treasury Milestone

Google’s Gemini AI Predicts the Price of XRP, Solana and Cardano by the End of 2025

Trending

XRP Price Prediction: Despite Recent Slip, Ripple’s Institutional Push Targets $10 – What to Watch
All news

XRP Price Prediction: Despite Recent Slip, Ripple’s Institutional Push Targets $10 – What to Watch

05.07.2025
0

XRP price is trading at $2.22 with a neutral bias, despite a minor 0.58% dip in the...

Ethereum Price Prediction: ETH Gains 4% This Week, Yet Golden Cross Flops – Is $3,000 Out of Reach?

Ethereum Price Prediction: ETH Gains 4% This Week, Yet Golden Cross Flops – Is $3,000 Out of Reach?

05.07.2025
Glassnode’s James Check Warns Bitcoin Treasury Boom Could Be Short-Lived

Glassnode’s James Check Warns Bitcoin Treasury Boom Could Be Short-Lived

05.07.2025
Crypto Traders on Alert as Sweden Expands Law to Seize Digital Assets

Crypto Traders on Alert as Sweden Expands Law to Seize Digital Assets

05.07.2025
Sanctioned Russian Giant Rostec Bypasses Banks with Tron-Based RUBx Stablecoin

Sanctioned Russian Giant Rostec Bypasses Banks with Tron-Based RUBx Stablecoin

05.07.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz