Technology

Tether Stablecoin Brushes Off U.S. Tornado Cash Sanctions

The company behind Tether, the world’s most popular and widely used stablecoin, wants to have its bitcoin-shaped cake and eat it too. More accurately, it has previously claimed it works with U.S. financial regulators, but at the same time mentioned it doesn’t facilitate U.S. customers, so it doesn’t have to comply with orders. Which is why when the U.S. treasury department’s Office of Foreign Assets Control laid out a host of controversial sanctions tied to crypto mixer Tornado Cash’s accounts, Tether has kept on keeping on working with the sanctioned wallets, the equivalent of puffing out its chest and asking U.S. regulators “what’re ya gonna do about it?” Earlier this month, Department of Treasury officials announced sanctions against the crypto mixer Tornado Cash, saying the service had been used to launder over $7 billion worth of illicitly-gained crypto in just three years, a good chunk of that being funds stolen by hackers tied to sanctioned nations like North Korea. Those sanctions effectively put a litany of wallets associated with Tornado on a do-not-do-business-with list.

Full story : Tether Stablecoin Brushes Off U.S. Tornado Cash Sanction.

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