Tornado Cash founders charged with laundering more than $1 billion, including millions for North Korea
The Tornado Cash website displayed on a laptop and smartphone screen arranged in London, U.K., on Tuesday, March 15, 2022.
Luke McGregor | Bloomberg | Getty Images
Two founders of Tornado Cash, the widely known Russian cryptocurrency mixer, have been charged with laundering more than $1 billion in criminal proceeds.
In a newly unsealed indictment, Roman Storm and Roman Semenov have both been accused of sanctions violations and laundering money through Tornado Cash, including hundreds of millions of dollars for the Lazarus Group, a sanctioned North Korean state-backed hacking group.
Charges in the indictment include conspiring to commit money laundering, conspiracy to commit sanctions violations and conspiracy to operate an unlicensed money transmitting business.
Storm was arrested Wednesday in Washington state, according to a statement from the Justice Department, but Semenov, a Russian national, remains at large. The third co-founder, Alexey Pertsev, who is not mentioned in this action, faces trial in Amsterdam over his involvement with Tornado Cash.
“Roman Storm and Roman Semenov allegedly operated Tornado Cash and knowingly facilitated this money laundering,” said U.S. Attorney Damian Williams, adding, “While publicly claiming to offer a technically sophisticated privacy service, Storm and Semenov in fact knew that they were helping hackers and fraudsters conceal the fruits of their crimes.”
The indictment also alleged that Storm and Semenov chose not to implement know your customer or anti-money laundering programs as required by law, and instead, advertised that the tumbler “provided untraceable and anonymous financial transactions.”
Brian Klein, Storm’s lawyer and a partner with Waymaker LLP, said in a statement, “We are incredibly disappointed that the prosecutors chose to charge Mr. Storm,” adding that they believe the prosecutors “did so based on a novel legal theory with dangerous implications for all software developers.”
Klein added, “Mr. Storm has been cooperating with the prosecutors’ investigation since last year and disputes that he engaged in any criminal conduct. There is a lot more to this story that will come out at trial.”
Wednesday’s joint action included the Federal Bureau of Investigation, the Justice Department and the Internal Revenue Service’s Criminal Investigation unit.
The Office of Foreign Assets Control (OFAC), which previously banned Americans from using Tornado Cash in Aug. 2022, also sanctioned Semenov Wednesday.
Tornado Cash is used by some people as a legitimate way to protect their privacy in the still-nascent crypto market. When a buyer pays for something using a crypto wallet, the recipient of the transfer has access to the purchaser’s public crypto wallet, showing account details and history. Using a crypto mixing service like Tornado Cash masks those details by anonymizing the funds and concealing the identity of the buyer.
But the service was also used in a number of high-profile crypto heists in 2022, including the $615 million theft of tokens from Ronin, a network supporting the nonfungible token game Axie Infinity, and a $100 million attack on U.S. startup Harmony. Both were linked by security researchers with Lazarus Group.
Blockchain analytics firm Elliptic found at least $1.5 billion in proceeds from crimes such as ransomware, hacks and fraud have been laundered through Tornado Cash, and that the entirety of the $100 million stolen from the Harmony bridge in June was laundered through the service.
The U.S. Treasury previously quoted a much higher figure for Tornado Cash and said it has been used to launder more than $7 billion worth of virtual currency since it launched in 2019. That figure refers to the total value of crypto assets that have been sent through Tornado Cash.
Some blockchain analytics tools have managed to “demix” crypto sent through Tornado to identify the source of the funds. Elliptic says it was able to trace crypto stolen from Harmony to several new ether wallets, for example.
In blacklisting Tornado Cash on Thursday, the Treasury Department said it was going after criminals, who used the service to launder more than $7 billion worth of virtual currency since it launched in 2019.
Honda announced that it is pausing about $15 billion in planned EV investments to build electric vehicle and battery factories in Canada amid uncertainty over trade.
It’s the latest example of Canada’s backing the US plan backfiring.
A few years ago, Canada sided with the US in its plan to save the US auto industry, which was falling behind the rest of the world in the transition to electric vehicles.
Canada agreed to heavily tariff Chinese EVs to keep them away from the North American market, which mainly helps the US auto manufacturing industry, and in return, Canada’s EV production was included in Biden’s IRA to encourage foreign automakers to invest in EV production in both US and Canada to get access to the US market.
However, when Trump came into power earlier this year, he threw a wrench into this entire plan by canceling IRA funding, planning to kill the EV tax credit, and placing tariffs on many countries, including Canada.
It has resulted in planned investments in the EV sector in Canada to cool down.
Now, one of Canada’s most significant EV investments has been paused.
Honda has announced that it is pausing for two years its plan to establish a massive new EV production base in Canada:
“Due to the recent slowdown of the EV market, Honda Motor has announced an approximate two-year postponement of the comprehensive value chain investment project in Canada. The company will continue to evaluate the timing and project progression as market conditions change.”
The investment was announced just over a year ago. It was supposed to include a new EV factory in Ontario and a battery factory, totaling more than $10 billion in investments.
It was supposed to create over 1,000 jobs in Ontario and help retain the 4,200 jobs at Honda’s current assembly plant in Ontario, which are threatened by the electric transition.
Electrek’s Take
Canada is taking a beating here and all for mostly just protecting the US auto industry.
As I have been saying for a while, at this point, you should just invite the Chinese automakers to join.
You can do a deal à la India, where you remove tariffs for Chinese automakers willing to invest in the EV supply chain in Canada.
There’s no point in protecting the US automakers if the US is purposefully destroying the Canadian auto sector.
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A new company out of Germany called ONOX is bringing sustainable technology to the agriculture industry. After garnering design awards, the ONOX electric tractor prototype is in operation overseas as its makers look to scale and bring its unique modular design, complete with swappable battery packs, to farms everywhere.
It’s been less than two years since ONOX hit the tech scene with a prototype of its flagship electric tractor, which debuted at Agritechnica 2023 in Hanover, Germany. In April of 2024, the German startup’s electric tractor was awarded an iF Design Gold Award.
That same summer, the ONOX1 finalized commissioning before entering an extensive test phase. By December, the startup had snagged another trophy – the Federal Ecodesign Award. This past February, the ONOX electric tractor received road approval in Germany and began operations while the design team continues its mission of making electric agricultural machinery a reality.
The ONOX electric tractor is unique in that it utilizes modular battery swap technology, in which farmers can choose from three different mounting areas (see below).
ONOX’s electric tractor could breathe new life into farming
Since the ONOX electric tractor remains a prototype, many of its specs are targets and estimates, but the initial design is quite impressive. The electric tractor’s motor offers peak power of 70 kW with over 2,400 Nm of torque up front and over 5,500 Nm in the rear. ONOX’s targeted top speed is 40 km/h (~25 mph).
The ONOX tractor features an integrated 20-kWh battery pack and room for additional swappable packs of 30 kWh each. The entire system operates on 48V power, so maintenance is safer and easier for users without further training since there is no risk of exposure to high-voltage components.
The ONOX design team has also integrated an Airline system with mounting rails on the tractor’s hood, enabling future owners to mount cargo, haul hay or produce, or customize the area with other parts. The front of the tractor is also front-loader-ready, adding to its modularity and versatility.
The ONOX website says the electric tractor is self-sufficient using its own solar energy, but from the specs and images we’ve seen, there is no evidence of any solar technology implemented on the current prototype. Perhaps they mean the swappable batteries can be charged using solar when not installed on the tractor.
We will monitor ONOX’s progress as electric tractor development continues en route to commercial sales.
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Toyota upgraded its electric SUV in just about every way possible. The 2026 Toyota bZ is refined from end to end with a fresh new style, more driving range, advanced new tech, and much more. It even has an NACS port, so you can charge at Tesla Superchargers. Here’s our first look at Toyota’s new EV.
Meet the 2026 Toyota bZ electric SUV
Remember the bZ4X? It’s currently the only EV Toyota sells in North America. It’s now called the “bZ,” and it’s better than ever.
The 2026 Toyota bZ has an estimated driving range of 314 miles, a 25% improvement over the outgoing bZ4X. It also has a built-in NACS charging port, unlocking access to Tesla’s vast Supercharger network across North America.
Toyota said the upgraded EV can charge from 10% to 80% “under ideal conditions” when using DC fast charging. With added Plug & Charge capabilities, charging has never been easier.
The AWD models now have up to 338 hp, a 50% improvement thanks to new SIC semiconductors. Front-wheel-drive (FWD) models deliver 221 hp, up from 201 HP in the 2025 bZ4X.
Other upgrades, including battery pre-conditioning and a thermal management system, help optimize charging speeds in cold weather.
Battery options and driving range
The 2026 Toyota bZ will have two battery options: 57.7 kWh and 74.7 kWh. Toyota estimates that the larger (74.7 kWh) battery will provide up to 314 miles of range, while the smaller (57.7 kWh) option will get up to 236 miles.
Toyota upgraded the electric SUV inside and out. The exterior features Toyota’s new “hammerhead front end,” which is shown on updated vehicles like the Camry and Crown. The new styling includes redesigned front overfenders and slim LED daytime running lights.
The interior received a few upgrades, including a redesigned center console. The setup now includes a larger 14″ Toyota Audio Multimedia touchscreen, two wireless phone chargers, and a slimmed-down dashboard.
Standard features include a 7″ driver display screen, heated front and rear seats, regenerative braking, Toyota Safety Sense 3.0, and more.
Upgrading to the Limited trim will gain you 20″ black alloy wheels, multi-LED headlights, SofTex®-trimmed seats, ventilated front seating, and added safety/ driver assist features. Other options include a panoramic moonroof with power sunshade (XLE) and a premium 9-speaker JBL Audio system (Limited).
.
| 2026 Toyota bZ trim | Battery | Range (Manufacturer estimated) |
| XLE FWD | 57.7 kWh | 236 miles |
| XLE FWD Plus | 74.7 kWh | 314 miles |
| XLE AWD | 74.7 kWh | 288 miles |
| Limited FWD | 74.7 kWh | 299 miles |
| Limited AWD | 74.7 kWh | 278 miles |
According to Toyota, the new name will help simplify things for buyers. We suspect it’s also designed to revamp the brand’s sole EV after a slow (to say it nicely) rollout in North America. The bZ4X was recalled shortly after launch over concerns that the wheels may fall off.
The 2026 Toyota bZ is expected to arrive at dealerships in the second half of 2025. Check back for more info as prices will be revealed soon.
With the upgraded 2026 model arriving, Toyota is offering close-out prices on the 2024 and 2025 bZ4X. The 2024 bZ4X is listed with up to $19,000 in lease cash, while 2025 models can be leased for as low as $269 per month. You can use our link to find deals on the 2024 and 2025 Toyota bZ4X in your area today.
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