DAO organizations have been used for cyber crimes.
On August 10, 1965, there werereportA 29-year-old man has been arrested in Amsterdam. He is accused of concealing illegal financial transactions and money laundering by using crypto-tools through the service. Decentralized as Tornado Cash
It seems that more and more criminals are using technology as a tool for financial crimes around the world, prompting the Dutch financial security agency FIOD to be in the spotlight.
Tornado Cash is a crypto coin mixing service is an online service that can mask the origin or destination of the crypto coin transfer. Most of the users tend to use crypto mixing services to hide their identity.
Earlier in June 2022, FIOD’s Financial Advanced Cyber Team (FACT) audited Tornado Cash, an online service established as an independent DAO organization that is becoming popular in the world of cryptocurrencies. Ripto these days
The DAO is an independent body that does not have decision-making powers in one group. Instead, it will be a joint decision of the members and decisions in the organization will be made through the Smart Contract.
Tornado Cash
The Tornado Cash report revealed that FACT suspects Tornado Cash was used as a financial service to cover up illegal financial transactions, including hacks and scams.
Tornado Cash was launched in 2019, and a FACT investigation found that the service was used to anonymize the originator of crypto transactions and since Aug. 8, 2022, Tornado Cash has been penalized by: US government charged with serious fraud environmental crime and forfeiture of property
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