Two co-founders of cryptocurrency giant Tornado Cash, one of them a Russian national and the other an executive in Washington state, have been charged with operating a crypto scheme that allegedly laundered hundreds of millions of dollars for North Korean hackers, according to a federal indictment unsealed Wednesday in the Southern District Court of New York.
Roman Semenov, the Russian national, and Roman Storm, were charged with laundering and violating sanctions through Tornado Cash, a crypto “mixer” that allegedly laundered more than $1 billion, including hundreds of millions that went to Lazarus Group, a North Korean cybercrime organization, the indictment alleged. A cryptocurrency mixer, or tumbler, is a service that helps protect the privacy of users by mixing up a transaction’s origins before being transmitted to a recipient.
Storm has been cooperating with the prosecutors’ investigation since last year and disputes that he engaged in any criminal conduct,” Klein said. Tornado Cash is one of the most well-known mixers, and it, along with much of the crypto industry, was under growing regulatory scrutiny. The US Treasury said crypto mixers are commonly used to launder stolen funds.
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