"Dutch Authorities Arrest Tornado Cash Developer Following US Sanctions on Crypto Mixer Firm"
The Dutch Fiscal Information and Investigation Service (FIOD) recently arrested a 29-year-old man in Amsterdam on August 10 in connection with the recent U.S. Treasury sanctions on decentralized Ethereum mixing service Tornado Cash. The individual is suspected of "involvement in concealing criminal financial flows" and "facilitating money laundering through the mixing of cryptocurrencies" using Tornado Cash. The Financial Advanced Cyber Team (FACT) of the FIOD suggested that since its inception in 2019, Tornado Cash has achieved a turnover of at least $7bn dollars, which aligns with the figures unveiled by the U.S. Treasury earlier this month. Investigations showed that at least $1bn worth of cryptocurrencies of criminal origin passed through the mixer. FACT stated that it is suspected that people behind this organization have made large-scale profits from these transactions.