US Sanctions Limiting Privacy Software Use, Crypto Firms
Earlier this month, the U.S. Treasury Department sanctioned a ban on Tornado Cash, a crypto privacy tool that mixes funds of different users to hide original source of crypto funds. The authority alleged the mixer firm for helping bad actors to launder more than $7 billion in digital assets since its initiation in 2019. As […]
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The IRS has named the winners of its bounty program to track transactions on privacy tokens and layer-2 protocols. On Wednesday, the IRS awarded two $625,000 contracts looking for tracing tools for privacy token Monero and Layer 2 protocols. The winners were blockchain analytics firms Chainalysis and Integra FEC.The IRS initially publicized its quest for a privacy-busting analytics solution at the beginning of the month. An IRS representative told Cointelegraph that the agency had selected the two winning firms out of a field of 22 proposals received, though the only rationale the....
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Despite its promise to cater to the needs of individual developers, the latest wave of sanctions has forced the open-source platform to even block former employees of sanctioned firms. Major developer platform Github has reportedly blocked more than a dozen accounts of Russian developer's associated with organizations sanctioned by the United States government. The sanctioned accounts include some of the largest banks in Russia: Sberbank and Alfa-Bank, as well as individual developers with links to the sanctioned firms. However, many individual accounts with no links or ties to sanctioned....
The U.S. Treasury sanctioned the Tornado Cash mixing tool, setting a precedent for blocking financial privacy and censoring open-source code.