Key Points:
Through a highly coordinated and diligent effort, the dedicated team at FixedFloat successfully put a halt to this illegal activity. As a result, they were able to freeze and immobilize a substantial amount of cryptocurrency, amounting to hundreds of thousands of dollars.
FixedFloat made an official announcement on their X account (formerly known as Twitter), where they disclosed that FixedFloat prevented money laundering approximately $2 million worth of cryptocurrency that Lazarus had attempted to launder. It is important to note that Lazarus is widely recognized for its involvement in significant hacking attacks.
In 2022, the US Treasury Department’s sanctions list included Tornado Cash, a cryptocurrency mixing service. A tool or service meant to lessen or hide the traceability of cryptocurrency (like Bitcoin) transactions is called a crypto mixer, often referred to as a crypto blender. This move shed light on the role of crypto mixers in facilitating money laundering activities. Tornado Cash has been utilized to launder an astonishing sum of over $7 billion in cryptocurrency since its inception.
The revelation of this information prompted numerous crypto mixers, both large and small, to cease their operations. Despite the challenging landscape, platforms like FixedFloat have taken proactive measures to navigate these circumstances while ensuring the uninterrupted provision of their valuable services.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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