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The United States' move to sanction the open-source code that makes up the Tornado Cash privacy protocol may be shocking, but it’s not surprising. America has been tightening its grip over the global financial system for decades, ostensibly to cut down on bad behavior, but also to project power abroad.Economic
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It would appear that recovering his funds would, right now, constitute a sanctions violation. At a minimum, there is no clarity. To many, the sanctions appear to either have been a heartless move, forsaking the privacy needs and financial integrity of innocent users, or to have been a thoughtless one. Source
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Between Aug. 7 and Aug. 13, users sent in about 11,000 ETH (so this figure went down week-over-week) and sent out … 49,852 ETH. Tornado was sanctioned on Aug. 8, meaning the week-over-week figure nearly doubled. And it’s not that Aug. 7 (the night before the sanctions were announced) was
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The U.S. government banning the ethereum mixing service Tornado Cash and the enforcement that has followed has the crypto community in an uproar about the event. A large number of crypto and privacy advocates have spoken out against the actions the government has taken so far, and the nonprofit advocacy
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Where things get weird is when you consider the whole open-source nature of Tornado Cash. As I mentioned, someone (and, I’ve been told, possibly several someones) has been sending small amounts of ETH through Tornado to people who have public Ethereum addresses, including comedians Jimmy Fallon and Dave Chappelle, or
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But even in this new era, the crypto industry has the responsibility of “convincing” politicians and investors alike that crypto is a valuable asset, or “a force for good.” One way of showing that “crypto can actually benefit the economy,” Christensen said, would be to take action on climate concerns
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On Tuesday, a newly published report details that the cryptocurrency exchange Kraken is under federal investigation for allegedly violating U.S. sanctions, according to five people familiar with the matter. The unknown sources explained that the inquiry into Kraken started in 2019, and it’s accused of allowing users from sanctioned countries
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The United States Treasury Department’s Office of Foreign Assets Control, or OFAC, is reportedly investigating crypto exchange Kraken for allegedly allowing users based in Iran and other countries to buy and sell crypto — a potential violation of U.S. sanctions.According to a Tuesday report from the New York Times, OFAC
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In February, after the Russian invasion of Ukraine, Powell pushed back against calls to freeze the accounts of Kraken’s Russian users, tweeting: “Our mission at [Kraken] is to bridge individual humans out of the legacy financial system and to bring them in to the world of crypto, where arbitrary lines
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Global cryptocurrency exchange Binance is under the spotlight as a report claims it continued serving Iranian clients despite a company ban and economic sanctions against the country.According to an investigative report from Reuters, individuals inside the country continued to trade on Binance after the company itself had shifted Iran onto
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