The Office of Foreign Assets Control of the US Treasury Department (OFAC) added new requirements for Tornado Cash in addition to the first sanctions in August under an executive order on cybercrime. North Korea’s nuclear weapons program
“This action is part of an ongoing effort by the United States. to limit North Korea’s ability to advance weapons of mass destruction (WMD) and unlawful missile programs,” the statement said. and stated that the new assignment “Includes additional basis for designating Tornado Cash in relation to supporting DPRK activities.”
North Koreafiring a number of missilesin the past few months and createpanicin Japan and South Korea
In addition to Tornado Cash, OFAC has imposed sanctions on North Korea’s national airline Air Koryo and two other officials who helped North Korea send missile parts into the country.
In a statement, Brian Nelson, Undersecretary for Terrorism and Financial Intelligence, said: “Today’s sanctions action is aimed at North Korea’s weapons programme, its reliance on illegal activities. This includes internet crimes. and in generating income and the ability to supply and transport goods to support projects of weapons of mass destruction and missiles.”
Most of the crypto community argues that Tornado Cash and its wallet address are software. It is not an individual or a legal entity, therefore OFAC should not designate Tornado Cash as a sanctioned entity. which the Treasury Department denied the US had this argument. stating that the legal entity may be “Partnerships, associations … or other organizations”
Tornado Cash is a legal entity by definition, OFAC says its organizational structure consists of both the founders and developers of Tornado Cash, as well as decentralized independent organizations (DAOs).
“Tornado Cash uses computer code known as ‘smart contracts’ for its governance structure. and in transaction concealment services including offering financial incentives to users, increasing user base and facilitating the earning of money for users and developers,” OFAC said.
refer : LINK
The post US Treasury Department Designates Tornado Cash Related to North Korean Nuclear Weapons Program appeared first on Bitcoin Addict.