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By Staff Reporters

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Japanese technology company SoftBank Group posted a $23.4 billion loss in this April-June quarter as the value of its investments sank amid global worries about inflation and interest rates. SoftBank Group Corp.’s loss of 3.16 trillion yen was a reversal from its 762 billion yen profit in the same quarter a year earlier. The company said that quarterly sales rose 6%. And, for the fiscal year that ended in March 2022, Softbank racked up losses of 1.7 trillion yen ($13 billion), a reversal from the 4.9 trillion yen profit for the previous year. Annual sales grew 10.5% to 6.2 trillion yen ($46 billion).

The Treasury Department has imposed sanctions on virtual currency mixer Tornado Cash, which has allegedly helped to launder more than $7 billion worth of virtual currency since its creation in 2019. Treasury’s Office of Foreign Assets Control says Tornado Cash’s systems were used, among other things, to launder more than $96 million drawn from the June Harmony blockchain bridge theft and August Nomad crypto firm heist. Mixing services combine various digital assets, including potentially illegally obtained funds and legitimately obtained funds, so that illegal actors can obscure the origin of the stolen funds. Secretary of State Antony Blinken said in a statement that the U.S. “will continue to pursue actions against mixers laundering virtual currency for criminals and those who assist them.”

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CITE: https://www.r2library.com/Resource/Title/082610254

FINANCIAL PLANNING: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283

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Filed under: "Ask-an-Advisor", Alerts Sign-Up, Glossary Terms, Investing | Tagged: crypto currency, SoftBank, The SoftBank Group & Tornado Cash, Tornado Cash, UPDATE: The SoftBank Group & Tornado Cash! | Leave a comment »