US Government Bans Ethereum Mixer Tornado Cash, Platform Added to OFAC’s SDN List

On Monday, the U.S. Treasury Department’s watchdog the Office of Foreign Asset Control (OFAC) banned the ethereum mixing application Tornado Cash. OFAC has cited that the mixer has helped North Korean hackers such as the hacking syndicate known as Lazarus Group. OFAC Sanctions Tornado Cash Mixing App OFAC has officially banned the Tornado Cash and Tornado Cash Classic websites alongside all of the digital currency addresses allegedly associated with the site. “The following entity has been added to OFAC’s SDN list: Tornado Cash,” OFAC’s Cyber-related Designation report says. The U.S.…

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Debridge Finance Suspects North Korean Hacking Syndicate Lazarus Group Attacked the Protocol’s Team

According to the co-founder of Debridge Finance, Alex Smirnov, the infamous North Korean hacking syndicate Lazarus Group subjected Debridge to an attempted cyberattack. Smirnov has warned Web3 teams that the campaign is likely widespread. Lazarus Group Suspected of Attacking Debridge Finance Team Members With a Malicious Group Email There’s been a great number of attacks against decentralized finance (defi) protocols like cross-chain bridges in 2022. While most of the hackers are unknown, it’s been suspected that the North Korean hacking collective Lazarus Group has been behind a number of defi…

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Russian State Duma Adopts Law Banning Payments With Digital Financial Assets

The lower house of Russian parliament has adopted a law prohibiting the use of digital financial assets in payments. To implement the restriction, exchange operators have been obliged to reject transactions which make it possible to employ these assets as a means of payment. Russian Parliament Approves Legislation Preventing Digital Financial Asset Payments The majority in the State Duma, the lower house of Russia’s Federal Assembly, has supported the adoption of a bill banning payments for goods and services using digital financial assets (DFAs) within the Russian Federation. Under current…

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Major Japanese Bank Sumitomo Mitsui Trust to Launch Cryptocurrency Custody Business

Sumitomo Mitsui Trust, one of the major banking institutions in Japan, will reportedly enter the cryptocurrency custody business. The company is entering a partnership with Bitbank, a Tokyo-based cryptocurrency exchange, to launch a new company that will focus on offering institutional-grade custody for digital assets and NFTs. Sumitomo Mitsui Trust Bank to Enter Digital Custody Business Sumitomo Mitsui Trust Bank, a major financial institution in Japan, has decided to enter the cryptocurrency custody business. The company announced that it will launch a digital assets custody company in partnership…

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Top ECB Official Ramps Up Anti-Crypto Rhetoric, Calls for Global Regulations

Comparing the rise of crypto assets to the gold rush, a top executive at the European Central Bank has urged governments to take action to prevent “a lawless frenzy of risk-taking.” Speaking in the U.S., the ECB official called for a global regulatory clampdown on cryptocurrencies and stepping up efforts to issue central bank digital currencies. ECB’s Fabio Panetta Lashes Out at Crypto Assets, Says They Fail to Fulfill Promise A century and half after Americans pushed westward to seek fortune, a growing distrust of banks and technological innovation have…

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