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BlackRock BUIDL Platform: 0.97 ETH Tornado Cash Inflow

BlackRock BUIDL Platform: 0.97 ETH Tornado Cash Inflow

BlackRock’s recently launched BUIDL has seen an influx of funds from Tornado Cash. 

Tornado Cash has received approval from the U.S. Treasury Department

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Could this lead to a legal dispute over the position of the Bitcoin ETF industry leader? 

BlackRock Inc reportedly received 0.97 Ethereum (ETH) through Tornado Cash, a well-known crypto mixer, in its recently launched institutional cryptocurrency fund. This mixer facilitates illicit financial activities.

Unexpected ETH Transaction Sent to BUIDL 

On Tuesday, news broke that BlackRock, an investment asset management firm, submitted a filing to the United States Securities and Exchange Commission (SEC) to notify them about their recently established tokenized asset fund. A new fund, BlackRock USD Institutional Digital Liquidity Fund (BUIDL), has partnered with Securitize, a well-known financial service provider. 

BlackRock’s tokenized asset fund introduced, drawing significant attention to the renowned asset manager. Transitioning, it garnered widespread interest. It represented BlackRock’s endeavour to broaden its presence and establish a position in the digital asset ecosystem. Unexpectedly, the fund has become the centre of attention due to unfavourable circumstances. 

Approximately 36 hours have passed since its launch, and a wallet linked to BUIDL received an influx of unsolicited crypto from Tornado Cash. Arkham Intelligence estimates the value of 0.97 ETH at approximately $3,324, based on the current market price.

Potential Legal Dispute on the Horizon for BlackRock? 

This poses a potential legal issue for BlackRock, as the crypto mixer is being investigated. 

In August 2022, Tornado Cash was sanctioned by the United States Treasury Department Office of Foreign Assets Control (OFAC) for its involvement in facilitating money laundering amounting to $7 billion. In addition, the crypto mixer found itself embroiled in a serious accusation involving its alleged assistance to the state-sponsored hacking group known as Lazarus Group, which has ties to North Korea. 

Alexey Pertsev, Tornado Cash founder, faces Dutch authorities’ indictment for allegedly laundering $1.2 billion through a cryptocurrency blender. Dutch prosecutors list 36 cases, including the theft of 175 ETH from Ronin Bridge, linked to Axie Infinity. The prosecutors implicate decentralized protocols like Harmony and Nomad Bridge in illicit transactions.

If a U.S. person, including financial institutions, holds blocked property like ETH from Tornado Cash due to the OFAC sanction, they must report their situation to the agency. Given the circumstances, BlackRock may face a potential legal dispute if it fails to conduct the necessary due diligence. 

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