Coinbase is fighting back as the SEC closes in on Tornado Cash
Six individuals are challenging the Treasury Department. Two seemingly separate stories. One terrifying precedent. It’s all about privacy. On Sept. 8, Coinbase announced it was bankrolling a lawsuit against the United States Treasury Department. The cryptocurrency exchange is funding a lawsuit brought by six people that challenges the sanctions on Tornado Cash. And on Sept. 9, Securities and Exchange Commission (SEC) Chair Gary Gensler announced he was working hard with Congress to create legislation to increase cryptocurrency regulations.But these two stories are not mutually exclusive.....
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The Tornado Cash chronicle unfolds. Authorities in the Netherlands apprehended a man suspected to be a Tornado Cash developer in Amsterdam on Wednesday. The Fiscal Information and Investigation Service said that the unidentified 29-year-old man was reportedly involved in money laundering via the decentralized Ethereum mixer Tornado Cash. In the Netherlands, FIOD is the body […]
Coinbase says that the Treasury overstepped its authority in issuing the Tornado Cash sanctions. According to a new lawsuit filed in the U.S. District Court, Western District of Texas. On Thursday, six users of the Ethereum blockchain and cryptocurrency mixer Tornado Cash sued the U.S. Department of Treasury, alleging that its recent designation of 44 Tornado Cash smart contract addresses to the Specially Designated Nationals (SDN) list of the Office of Foreign Asset Control (OFAC) is "not in accordance with law."Since Aug. 8, U.S. persons and entities have been prohibited from interacting....
What’s the story around Tornado Cash? The U.S. Department of the Treasury made its case in a press release, but the question still lingers. Because, as many people have pointed out, Tornado Cash is not an institution, but a smart contract in the Ethereum blockchain. And according to US law, code is supposed to be […]
On Monday, the U.S. Treasury Department’s watchdog the Office of Foreign Asset Control (OFAC) banned the ethereum mixing application Tornado Cash. OFAC has cited that the mixer has helped North Korean hackers such as the hacking syndicate known as Lazarus Group.
OFAC Sanctions Tornado Cash Mixing App
OFAC has officially banned the Tornado Cash and Tornado Cash Classic websites alongside all of the digital currency addresses allegedly associated with the site.
“The following entity has been added to OFAC’s SDN list: Tornado Cash,”....
One of the largest cryptocurrency mixing protocols, Tornado.cash, has announced the project will deploy on the L2 (layer 2) Ethereum platform Arbitrum One. The creators of the Ethereum-based mixing application explain that settling on Arbitrum will allow Tornado.cash users to benefit from cheaper transactions.
Tornado.cash to Deploy on Arbitrum – ‘Cheaper Transactions Being the Biggest Comparative Advantage’
On November 29, the team behind the ethereum mixing application Tornado.cash revealed the project plans to deploy on the Arbitrum One network. The news....