Discover and read the best of Twitter Threads about #ofac

Most recents (24)

1/ Too early to name a “Twitter Spaces of the year”? I think this one on Tornado Cash might be it. It felt like all of the top minds in crypto/Web3 weighed in.

The recording is 3 hours long so here’s the TLDR:

#web3 #Crypto #TornadoCash #ofac

@jillrgunter @M_Mosier_
2/ @M_Mosier_ This is the first time Treasury has sanctioned code. There are some real legal questions about whether code is a “person” as defined in the statute.
3/ @ARedbord This is an exceptional designation for a number of reasons. While there was a lot of illicit activity, there was also a lot of licit activity. And we are now seeing the collateral damage play out.
Read 24 tweets
Important questions for those who may have received blocked property in a #grief #spray #spam attack from blocked #tornadocash #ETH addrsses remain unanswered. #OFAC may give clarity in an FAQ; are a few questions that would be helpful for OFAC to address.1st some background/1
By now all of #crypto knows that #OFAC sanctioned #ETH & #USDC addresses related to #Tornadocash and service providers and many #crypto users are struggling to adapt. Why? /2
We’re dealing with a law designed to regulate legal people & entities, &their property, not quasi-autonomous code used by third parties to transact third party assets to others. Arguably the designation exceeds #OFAC’s statutory authority. That’s an argument for another day. /3
Read 23 tweets
1/20 Some thoughts on the ban of #TornadoCash by OFAC:
2/20 On 8/8/22, "TORNADO CASH", websites + some related smart contracts were added to the list of Specially Designated Nationals + Blocked Persons (#SDN List) under the OFAC's Cyber-Related Sanctions program [CYBER2]
3/20 #CYBER2 requires US persons to block the property and interests in property of persons added to the #SDN list. CYBER2’s legal basis is Executive Order (EO) 13757 (Dec 28, 2016), which amends EO 13694 (Apr 1, 2015).…
Read 20 tweets
פעם, לפני ששוק הקריפטו התרסק לאפר, הייתה כאן אופנה לכתוב על Stablecoins.
היום אני מתכוון להחזיר אותה לתמונה, והפעם:

צנזורה - האם למדינה אין באמת שליטה על (חלק) מהבלוקצ'יינים?

בואו נצא יחד לעוד #קריפטו_טוויט
אתמול, קיבל שוק הקריפטו בשורה מעניינת: OFAC - Office of Foreign Assets Control, הרשות שאחראית בין השאר על ניהול הסנקציות בארה"ב, הודיעה על שורה ארוכה של כתובות את'ריום שנכללים מעתה ברשימת הסנקציות של ארה"ב.
זה לא עניין של מה בכך: OFAC הם חבר'ה רציניים מאוד. OFAC הוא הגוף שאחראי מטעם ארה"ב לנהל ולהוציא לפועל סנקציות נגד אישים בעלי סיכון גבוה, הכוללים בין השאר: טרוריסטים בינלאומיים, סוחרי סמים מרכזיים והאליטה הפיננסית/הפוליטית של מדינות העוינות לארה"ב.
Read 36 tweets
🌌 The Crypto-Mixing Service #TornadoCash $TORN Blacklisted by US Treasury #OFAC

A short thread to catch up on the latest happenings of the above event

👇👇 Image
About Tornado Cash

• Tornado Cash is a protocol that makes transactions anonymous on the @ethereum network

, and it is this feature that makes Tornado Cash a “favorite” tool in “hacks” to erase traces and withdraw large amounts of money. Image
@ethereum The reason for this action

• The US Gov believes that Tornado Cash is accused of helping to launder up to 7 billion USD of dirty money.

, including cryptocurrencies from hacker organizations such as Lazarus Group and the recent DeFi attacks such as Horizon, and Nomad Bridge. Image
Read 7 tweets
1/5 Privacy is a human right. Until today, anyone who wasn't keen on disclosing their token portfolio to the world used @TornadoCash. #OFAC today added @TornadoCash smart contracts to its Specially Designated Nationals And Blocked Persons List (SDN).…
2/5 What does that mean? The list includes persons (and now seemingly smart contracts) with whom US persons must not transact. US persons are US citizens, permanent residents, persons in the US, entities organized under US laws or registered in US, incl. their foreign branches.
3/5 #OFAC may impose steep fines for violating sanctions on a strict liability basis, and this is why #OFAC is feared. Although there is no requirement for non-US persons to comply with most #OFAC sanction regimes, many non-US persons do anyway.
Read 5 tweets
According to @USTreasury, @TornadoCash was used to launder more than $7 billion worth of virtual currency since its creation in 2019, including $455 million stolen by the #LazarusGroup, a #DPRK state-sponsored hacking group in the largest known virtual currency heist to date.
Despite public assurances, @TornadoCash "repeatedly failed to impose effective controls designed to stop it from laundering funds for malicious cyber actors on a regular basis and without basic measures to address its risks," says @USTreasury Undersecretary Brian Nelson.
Read 5 tweets
Today, @USTreaury #OFAC imposing a new round of sanctions targeting Kremlin-connected elites, a major multinational company and a sanctions evasion operation, as well as one yacht.
Here's the updated sanctions list:… #Russia
“As innocent people suffer from Russia’s illegal war of aggression, Putin’s allies have enriched themselves and funded opulent lifestyles,” says @SecYellen in a statement.
Read 7 tweets
"I had a Zoom conversation" Monday with @JohnFetterman, running for US Senate in #Pennsylvania, who is recovering from a stroke, @POTUS tells @AFLCIO. "I know he can't wait to get back on the (campaign) trail." Image
"President Obama used to give me the good assignments" liking fixing #Detroit, says @POTUS.
"When I think global warming, I think jobs. Jobs, jobs, jobs," @POTUS tells @AFLCIO. Image
Read 8 tweets
EVERYONE IN crypto should read footnote 5 below.

In October 2013 @chrislarsensf met w/ various regulators to give a presentation at the U.S. Treasury Dep’t sharing w/ them @Ripple’s vision “for a global payments system and cross border payments based on blockchain technology.”
At this meeting, Ripple provided these regulators w/ a slide deck. The slides INFORMED REGULATORS that Ripple’s was actively engaged in a “distribution of #XRP on-going.”

In short, in 2013, SEVEN years BEFORE the lawsuit was filed, Ripple ratted on themselves to the U.S. Gov’t.
Who was at this meeting wherein Ripple disclosed and admitted to on-going sales of #XRP?

Here’s the list:

Not only was @SECGov at the meeting, but so was:
@USTreasury; @federalreserve; @FDICgov; @TheNCUA; @CFPB; @IRSnews; #CSBS; @FTC; @StateINL; #FinCEN; #OFAC; and the @FBI.
Read 6 tweets
Today, @POTUS signed a new executive order to modernize sanctions authorities used to combat the illicit drug trade, which will provide @USTreasury with new tools to tackle changes in the global illicit drug trade.
#OFAC designating 10 individuals and 15 entities in four countries for links to illicit drugs or their means of production, announces @USTreasury.
Here are the new individuals and entities designated in #Brazil, #China and #Mexico.
Read 7 tweets
1) I think I stumble into something relevant in regards to the SEC vs. Ripple and why they keep stalling and why XRP price discovery still hasn’t been established even though other digital assets keep pumping to new ATH. @WorkingMoneyCH @digitalassetbuy @RuleXRP @MoonLamboio
2) The use of an initial letter "X" for purposes of currency is to facilitate the ISO 3166 rule that no official country code beginning with X will ever be assigned for their currencies. Only commodities like gold, Silver and precious metals will be designated with such a symbol.
3) XRP was designed as world wide currency to facilite cross border payments. XLM was deigned as a fork of XRP by Jeb McCaleb who we all know is one of the original XRP creator. X=No country, No border.
Read 9 tweets
Three individuals sanctioned for their roles in corruption in #Paraguay, as well as five associated entities connected with their corruption schemes, according to @USTreasury #OFAC.
"This action highlights the illicit finance risks and activities in the Tri-Border Area where Argentina, Brazil, and Paraguay converge, according to @USTreasury.
Read 4 tweets
Executive order signed by @POTUS blocking property of additional persons "contributing to the situation" in #Belarus, according to the @WhiteHouse.…
New exec order "enhances our ability to impose costs on the regime and announcing new sanctions against Belarusian individuals and entities for their role in attacks on democracy and human rights, transnational repression, and corruption," says @POTUS statement.
Read 7 tweets
Restrictions increased on #Myanmar military with @CommerceGov adding four entities to its blacklist in a continued US response to the #BurmaCoup.
“We continue encouraging like-minded allies and partners to join the United States in imposing costs on these four entities and clamping down on other sources of revenue that support the repressive and undemocratic activities of the Burmese military," says @SecRaimondo.
Senior officials and family members connected to #Burma military sanctioned by @USTreasury.…
Read 5 tweets
Today, @USTreasury #OFAC “took sweeping action against 16 entities and 16 individuals who attempted to influence the 2020 U.S. presidential election at the direction of the leadership of the Russian Government.”
“Treasury will target Russian leaders, officials, intelligence services, and their proxies that attempt to interfere in the U.S. electoral process or subvert U.S. democracy,” says @SecYellen. “This is the start of a new U.S. campaign against Russian malign behavior.”
Also, @USTreasury #OFAC “has designated five individuals and three entities related to Russia’s occupation of the Crimea region of Ukraine and its severe human rights abuses against the local population.”
Read 18 tweets
En la maqueta del presupuesto del #GobiernoDeNarnia , Leopoldo López "parte, reparte y se queda con la mejor parte", según denunció presidente de AN, @jorgerpsuv. En este nuevo caso, el robo proyectado asciende a $53 millones. Son activos de la República secuestrados en EEUU.
Los recursos se reparten entre los jefes del llamado G4. Según publicó en RRSS, para realizar el robo maquillan las cifras que ofrecen a la #OFAC: “gastos de defensa, gastos de PDVSA y millones de dólares para bufetes que pertenecen al seudo procurador, Nacho Hernández.
Aseguró que expondrá el pago acordado para los ex diputados y de cuánto es "el guiso" con #SegurosMercantil. Presentará pruebas sobre la oferta que la #bandaGuaidó le hizo al secretario general de la OEA, Luis Almagro, "para que les lavara unos fondos pero les cobraba muy caro".
Read 5 tweets
Today, @USTreasury #OFAC "sanctioned two key militants of the Iranian-backed Ansarallah, sometimes referred to as the Houthis, whose actions have prolonged Yemen’s civil war and exacerbated the country’s humanitarian crisis."
Mansur Al-Sa’adi and Ahmad ‘Ali Ahsan al-Hamzi "are responsible for orchestrating attacks by Houthi forces impacting Yemeni civilians, bordering nations, and commercial vessels in international waters," according to @USTreasury.
Involvement of #Iran in #Yemen "fans the flames of the conflict, threatening greater escalation, miscalculation, and regional instability," says @SecBlinken in a statement. Image
Read 4 tweets
KSA crown prince approved @JKhashoggi killing, according to public released version of US intelligence report.
Highly unlikely #KSA authorities would have killed @JKhashoggi without the authorization of the crown prince, according to the report.
US intelligence compiled the names of 21 people it had "high confidence" were complicit or responsible for the death of @JKhashoggi and acting on behalf of #KSA Crown Prince Mohammed bin Salman.
Read 20 tweets
US imposes fresh sanctions on #Iran entities.…
“The Trump Administration remains committed to denying revenue flowing to the Iranian regime as it continues to sponsor terrorist groups, support oppressive regimes, and seek weapons of mass destruction,” says @stevenmnuchin1 in a statement.
A #China-based "supplier of graphite electrodes, a key element in steel production, as well as twelve Iranian producers of steel and other metals products, and three foreign-based sales agents of a major Iranian metals and mining holding company" designated by @USTreasury #OFAC.
Read 6 tweets
My second paper for @GI_TOC has just gone live.

It presents the first evidence of a criminal network based in #Somalia involved in the transfer of arms from #Iran to the #Houthis.

Some highlights (thread):…
The dhow Al Bari 2 was seized in the Gulf of Aden by the #Saudi Navy on 24 June 2020. It was discovered to be carrying a consignment of arms reportedly destined for the #Houthi administration in #Yemen.

Here's a full list of the seizure contents: Image
The head of the network responsible for the Al Bari 2 smuggling operation is Mohamed Omar Salim, a Somali national based in Bosaso. Salim's network has links to #Somaliland, Yemen, the #UAE, and Iran.
Read 14 tweets
Today, @USTreasury #OFAC sanctioned two Lebanon-based companies for being owned, controlled, or directed by #Hizballah. Also designated is Sultan Khalifah As’ad, a Hizballah Executive Council official, said to be closely associated with both companies.…
Also, @USTreasury #OFAC is imposing sanctions on #Iran cyber threat group APT39, one front company and 45 associated individuals.…
Statement from @SecPompeo on the #Hizballah sanctions. Image
Read 4 tweets
Today, @TheJusticeDept, @DHSgov and @USTreasury #OFAC sanctioned two nationals of #Russia "for their involvement in a sophisticated phishing campaign in 2017 and 2018 that targeted customers of two U.S.-based and one foreign-based virtual asset service providers."
US citizens and businesses were among the victims, which resulted in combined losses of at least $16.8 million.
Read 4 tweets
Four #Russia-linked individuals designated by @USTreasury #OFAC "for attempting to influence the U.S. electoral process."
“Andrii Derkach and other Russian agents employ manipulation and deceit to attempt to influence elections in the United States and elsewhere around the world,” says @stevenmnuchin1 in statement.
Read 7 tweets

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