Things haven’t been looking too good for the crypto market in recent months, and the market seems to be reeling from one bad news after another. To this point, on August 8, the Office of Foreign Assets Control of the United States Department of the Treasury issued legal sanctions against the digital currency mixer Tornado Cash.
According to the regulator, since the platform was created in 2019, it has been used for a range of illicit money laundering activities estimated at $7 billion. Of that sum, an estimated $455 million was controlled by the infamous Lazarus Group, a North Korean state-sponsored hacking group. Additionally, Tornado Cash was also used to launder over $96 million in ill-gotten funds stemming from June’s Harmony Bridge hack and $7.8 million from this month’s Nomad heist.
Before proceeding, however, it would be best to understand what exactly a cryptocurrency mixer is. Simply put, it’s an offering that helps obfuscate potentially identifiable or tainted cryptocurrency funds with others to erase any trace of the assets, making it impossible for anyone to trace the tokens back to their original source.
“Tornado existed only because most blockchains weren’t private enough. If successive Ethereum or Bitcoin upgrades include protocol integrations like Mimblewimble, will the next step be to block them as well? This act is one more reason to push Web3, a free web, controlled by users and not by some big brother governments,” said Abraham Piha, blockchain investor and co-founder and CEO of Web3-focused company tomi.com.
tomi.com was founded in early 2021 and plans to change the internet world and be the first decentralized web browser.
tomi is a company based on the Web3 infrastructure that aims to offer an alternative and decentralized web.
They use high-performance computing technology, decentralized DNS and a single browser to extend solutions to increase the decentralization of cloud services and digital assets.
tomi aspires to create a global internet network, completely independent, sustainable and self-sufficient, owned and controlled by its users. In this way, it allows unlimited access to information worldwide without censorship, data mining or user manipulation, while preventing the misuse of the Internet for immoral purposes, as the public decides in order to allow freedom of expression and the free economy.