Last Updated on August 13, 2022 by Bitfinsider

The alleged developer of the recently banned cryptocurrency mixer Tornado Cash has been arrested in Amsterdam on suspicion of money laundering.

According to a new press release from the Fiscal Information and Investigate Service (FIOD), the Dutch government’s financial crimes branch, an unnamed man has been arrested for allegedly concealing money laundering by criminals.

“On Wednesday 10 August, the FIOD arrested a 29-year-old man in Amsterdam. He is suspected of involvement in concealing criminal financial flows and facilitating money laundering through the mixing of cryptocurrencies through the decentralized Ethereum mixing service Tornado Cash.”

“According to FACT, [Tornado Cash] has since achieved a turnover of at least $7 billion. Investigations showed that at least $1 billion worth of cryptocurrencies of criminal origin passed through the mixer. It is suspected that persons behind this organization have made large-scale profits from these transactions.”

Tornado Cash is an Ethereum-based coin mixing service that launched in 2019 and allows users to pool their funds, shuffle them, and withdraw them anonymously. The service is primarily used for financial privacy, but bad actors also use it to conceal their illicit activities.

The service was recently blacklisted by the US Treasury Department after it was deemed a national security risk. The service is no longer available in the United States, according to the agency.

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