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North Korea Accused of Laundering $147.5M in Crypto via Tornado Cash

North Korea has been accused of laundering a staggering $147.5 million in cryptocurrency through Tornado Cash, a popular Ethereum-based privacy protocol. The accusation sheds light on the potential misuse of privacy-enhancing technologies by rogue actors to evade sanctions and fund illicit activities.

Published

9 months ago

May 15, 2024

Crypto News Team

According to reports, a United Nations (UN) panel of experts has accused North Korea of utilizing Tornado Cash to obscure the origin and destination of illicitly obtained funds, making it challenging for authorities to trace and interdict the flow of funds. The $147.5 million allegedly laundered through Tornado Cash represents a significant sum and underscores the scale of illicit financial activities facilitated by cryptocurrencies.

Tornado Cash, known for its privacy-enhancing features that allow users to send and receive Ethereum transactions anonymously, has faced scrutiny from regulators and law enforcement agencies for its potential use in money laundering and other illicit activities. The accusation against North Korea highlights the challenges posed by privacy-focused cryptocurrency projects and their potential misuse by malicious actors.

The UN panel’s findings underscore the importance of robust regulatory oversight and international cooperation in combating illicit financial activities in the cryptocurrency space. Efforts to address the misuse of privacy-enhancing technologies like Tornado Cash require coordinated action from governments, regulators, and industry stakeholders to protect the integrity of the financial system and prevent the funding of illicit activities.

The accusation against North Korea also raises questions about the effectiveness of sanctions enforcement in the digital age. With rogue states and illicit actors increasingly turning to cryptocurrencies to evade sanctions and finance their activities, policymakers and regulators face the challenge of adapting to new technologies and closing regulatory loopholes to prevent abuse.

As the cryptocurrency industry continues to evolve, efforts to combat money laundering and illicit financial activities remain a top priority for regulators and law enforcement agencies worldwide. While privacy-enhancing technologies like Tornado Cash offer legitimate benefits for users seeking financial privacy, their potential misuse underscores the need for responsible development and regulatory compliance to ensure the integrity and security of the financial system.

In summary, the accusation against North Korea of laundering $147.5 million in cryptocurrency through Tornado Cash highlights the challenges posed by privacy-focused cryptocurrency projects and their potential misuse by rogue actors. The revelation underscores the importance of robust regulatory oversight and international cooperation in combating illicit financial activities in the cryptocurrency space.

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Vitalik Buterin criticizes crypto’s moral shift toward gambling

Published

3 days ago

February 20, 2025

Crypto News Team

Ethereum co-founder Vitalik Buterin has expressed concerns over a “moral reversal” in the crypto industry, particularly regarding criticism of Ethereum’s stance on blockchain gambling. In a recent AMA, he noted that some have condemned Ethereum for not welcoming casinos, while other blockchains have embraced them. Buterin stated that if the community continues to shift its values in this direction, he may reconsider his role in the space.

Despite these concerns, Buterin emphasized that in-person interactions with the Ethereum community reassure him that core values remain intact. He urged developers to work toward a decentralized future aligned with ethical principles rather than just profit-driven ventures.

His comments coincide with the Ethereum Foundation’s shift in its funding approach. Following criticism of its Ether sales, the foundation recently allocated 45,000 ETH into DeFi platforms like Aave and Compound. This move was widely praised as a step toward supporting decentralized finance without market disruptions.

As Ethereum navigates these challenges, Buterin’s remarks highlight the ongoing debate about blockchain ethics and the industry’s future direction. The conversation around gambling applications and decentralized finance underscores the tension between financial innovation and maintaining a moral compass in crypto.

Business

UAE saw 41% increase in crypto app downloads in 2024

Published

3 days ago

February 20, 2025

Crypto News Team

Crypto app downloads in the UAE surged by 41% in 2024, reaching 15 million, with a record 2.8 million installs in December, according to AppsFlyer. This increase was largely driven by market trends and rising adoption, especially in the latter half of the year.

Donald Trump’s election win and pro-crypto stance reportedly played a role in boosting adoption, with his surprise memecoin launch further attracting first-time investors. This trend also contributed to a rise in crypto app downloads in the U.S.

Aggressive marketing campaigns accounted for 60% of traffic, though retention remained a challenge, as one in five apps was uninstalled within 30 days. Despite this, crypto app downloads in the UAE hit 3.5 million in January, surpassing half of 2023’s total.

With 2025 projected to be a record-breaking year, market experts suggest crypto companies should continue leveraging marketing strategies to expand their user base. The UAE’s rapid growth in crypto adoption highlights the region’s increasing role in the digital asset industry.

Business

Brazil approves first spot XRP ETF as local bank eyes stablecoin on XRPL

Published

3 days ago

February 20, 2025

Crypto News Team

Brazil has approved its first spot XRP exchange-traded fund (ETF), the Hashdex Nasdaq XRP Index Fund, which will soon begin trading on the country’s B3 exchange. The fund, managed by Hashdex, joins a growing list of crypto investment products in Brazil, including Bitcoin and Ethereum ETFs. The approval comes as the U.S. Securities and Exchange Commission (SEC) reviews multiple spot XRP ETF filings from major firms like CoinShares and WisdomTree.

In response to this development, XRP saw an 8% price increase, reaching $2.72, bringing it within 20% of its all-time high. This surge reflects growing investor confidence in XRP-based financial products. Meanwhile, market analysts expect the approval of additional crypto ETFs worldwide as regulators reassess their stance on digital assets.

Simultaneously, Braza Group, a financial institution in Brazil’s interbank market, announced plans to launch BBRL, a stablecoin pegged to the Brazilian real. Built on the XRP Ledger, BBRL aims to enhance international payments and digital asset accessibility in South America. Initially, the stablecoin will be available only to institutional clients, with broader adoption expected in 2025.

Braza Group’s participation in Brazil’s central bank blockchain initiative, DREX, underscores the country’s efforts to integrate digital assets into its financial system. With crypto adoption surging, Brazil’s latest moves in stablecoin and ETF approvals signal growing institutional confidence in blockchain-based finance. Read more.