FIOD suspects a 29-year-old man for money laundering using the Tornado Cash protocol

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29-year-old suspect may be involved in a money laundering case related to the Tornado Cash Protocol

  • Tornado Cash Protocol
  • FIOD control over money laundering activities
  • Suspect to present to court
  • A strong feeling in the case of multiple arrests
  • Crypto Money Laundering Cases

Tornado Cash Protocol

Credits: The cryptonomist

Tornado Cash Protocol was founded in 2019. It was basically used as a tool to facilitate several money laundering schemes. If reports are to be believed, the total value of money laundered under the Tornado Cash protocol was approximately $7 billion.

Tornado Cash is basically a crypto mixer which is a decentralized open-source protocol for private transactions on the Ethereum network. But unfortunately, this platform is more commonly used by illegal users to launder funds and go unnoticed

FIOD suspects a 29-year-old man of committing fraud and arrests him

The 10e In August, the FIOD arrested a 29-year-old man in Amsterdam. The allegations against the defendant were that he was involved in concealing criminal flows and engaged in money laundering by mixing cryptocurrencies through the decentralized Ethereum mixing service Tornado Cash. FIOD is also basically called Safe Financial Netherlands and survey with effect and impact.

The suspect to appear in court

Once the arrest was made, the FIOD filed a complaint with the court and, if the information is to be believed, the suspect will be brought before the court. It is stated that the suspect will be questioned by the judge in Den Bosch between 11 a.m. and 11.30 a.m. Interestingly, FIOD is also observed to critically monitor crypto mixing activity.

Multiple arrests, a possibility

Since the FIOD is reviewing the platform critically, it is possible that several arrests will occur. Essentially, FIOD started investigating in June and since then it has been digging deep into the case. The prosecutor’s office for serious fraud took charge of the case.

Money laundering cases on the rise

The cryptocurrency market has always faced many problems when it comes to security, security of funds. Money laundering is also among the malicious practices that these criminals follow to steal investment from investors. It is also observed that there are more cases of money laundering in the crypto market as it is easy to go unnoticed. For the same reason, the FIOD began to scrutinize the decentralized autonomous organization to keep control.

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