Sure, you could use it for non-nefarious reasons, but it’s quite an unnecessary step just to prove that the government is overstepping. Tornado Cash, on the other hand, is more advanced. Truth is, you could be found, but as long as you don’t give anyone a reason to look for you, you’re good. You can be careful with how you use your addresses privately and where you send your crypto/fiat from and you’ll be fine. The war on privacy is just beginning.īut, the truth is, you can still maintain your privacy without Tornado Cash. The US Treasury announced this morning that it has sanctioned the use of the non-custodial Ethereum mixer through the blacklisting of various addresses.Įven if you just hold bitcoin, pay attention. This, obviously brings up privacy issues. If crypto lets their enemies do well, naturally they will not support it. The US is a world power that happens to be moderately friendly to crypto. This isn’t to make a moral judgment on who’s right or wrong when it comes to geopolitics - it’s way beyond the purview of what we do here - it’s just a judgment on where we are currently. Its existence, as it currently stands, makes it easier for American enemies to do business. What Tornado Cash Sanctions Mean For CryptoĪs nice as it sounds to be able to evade the government, Tornado Cash presents a serious existential problem for crypto. Justin Sun is two tweets away from saying he’s migrating Tornado Cash to Tron. Recommended: Harmony One Hacked - Here’s What We Know So Far “While most virtual currency activity is licit, it can be used for illicit activity, including sanctions evasion through mixers, peer-to-peer exchangers, darknet markets, and exchanges,” the US Treasury said.Įverything You Need To Know About NFT Derivatives Interestingly, the press release points out something not usually said by government institutions, that is most transactions are legal in crypto. “Despite public assurances otherwise, Tornado Cash has 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,” the Treasury said, before adding, “Treasury will continue to aggressively pursue actions against mixers that launder virtual currency for criminals and those who assist them.” Tornado Cash is an Ethereum-based service that indiscriminately processes crypto transactions and obfuscates them in a manner that makes it difficult to ascertain the origin of the transaction. The service has been used to launder around 7 billion, the Treasury says. As the press release points out, $455 of that comes from the Lazarus Group from North Korea, as well as another $90 million from the Harmony Bridge hack.
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