Tornado Cash Sees Drop In Activity After U.S. Treasury Sanctions – What Now F...
The value of Tornado Cash is decreasing, not due to market factors but because of recent controversies. The Office of Foreign Assets Control recently added Tornado Cash to its list of Special Designated Nationals. That means no one from the United States may use the token. By taking this action, OFAC has effectively banned Tornado Cash from participating in one of the most important cryptocurrency markets. Many owners of Tornado Cash’s native coin, TORN, also liquidated their investments in response to the news. From its high closing of $30.25 on August 7th, TORN has fallen 87.03% to....
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The U.S. Treasury Department’s move to blindly put a ban on Tornado Cash consequently brought a lawsuit against Treasury Secretary Jannet Yellen and other officials of its departments. The six affected users, which got into trouble due to the restrictions on the privacy tool, have challenged the U.S. sanctions in the district court of texas […]
Residents would not be violating sanctions by visiting Tornado Cash's website, copying the mixer’s open-source code, nor making the code available online or in print. The United States Department of the Treasury said “interacting” with cryptocurrency mixer Tornado Cash’s open-source code, with certain provisions, would not be in violation of sanctions imposed by the Office of Foreign Assets Control, or OFAC.In the guidance posted to its frequently asked questions pages on Tuesday, the Treasury Department clarified some concerns previously voiced by many U.S.-based crypto users regarding....
Per a press release, the U.S. Department of the Treasury announced sanctions against Tornado Cash, a decentralized exchange (DEX). The institution added the website tornado.cash, the entities associated, and several Ethereum-based addresses to their Office of Foreign Assets Control (OFAC) Specially Designated Nationals And Blocked Persons List (SDN). Related Reading: Why Does Binance Recommend Shifting […]
Tether's market capitalization has reversed a three-month downtrend while USDC sees a drop in value after the U.S. imposed sanctions against Tornado Cash. The market capitalization of Tether (USDT) tokens has increased by nearly $2 billion since the U.S. Treasury Department imposed sanctions on cryptocurrency mixer Tornado Cash.The Office of Foreign Asset Control essentially barred Americans from using Tornado Cash on Aug. 8, blacklisting 44 USD Coin (USDC) and Ether (ETH) addresses connected to the service to a list of Specially Designated Nationals and Blocked Persons (SDN).OFAC alleges....
Crypto think tank Coin Center has been one of the most critical voices against the U.S. Treasury and the sanctions imposed on the Ethereum-based decentralized exchange (DEX) Tornado Cash. The platform was sanctioned by the U.S. government for its alleged ties to illegal activities in a decision that might have set a dangerous precedent. Related […]