Why The Sanction On Tornado Cash Is A Bear Signal For The Crypto Market
The US sanction on Tornado Cash has now made the rounds and is well-known news by now. The sanction against the famous coin tumbler has been coming for a while, which was not the least expected when it happened due to its affiliations with bad actors that have stolen billions of dollars from investors. However, […]
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The U.S. Department of the Treasury has answered some questions on regulatory compliance relating to Tornado Cash, a recently sanctioned crypto mixer. The answers include how to withdraw crypto or complete transactions initiated using Tornado Cash prior to its sanction and how to deal with “dusting” transactions. Treasury Department Publishes Tornado Cash FAQs The U.S. Department of the Treasury answered some frequently asked questions Tuesday about the sanctioned cryptocurrency mixing service Tornado Cash. On Aug. 8, the Treasury’s Office of Foreign Assets Control....
The Tornado Cash situation is a riddle wrapped up in an enigma. Why did the OFAC sanction a piece of software? And why did Dutch authorities arrest a sole developer? Those are not the question we’ll answer today. The OFAC updated the frequently asked questions on Tornado Cash-related matters. The answers focus on the details […]
Tornado Cash is a crypto mixer that recently came under sanction from the United States government. The reasoning given for this was the fact that it was a protocol used by criminals to hide the origins of their funds. Most notably used by South Korean hackers who have stolen millions of dollars in hacks over […]
The continuous price fluctuations in the crypto market considerably impact the Circle’s stablecoin, USD Coin (USDC). The recent performance of its whales’ addresses is making a more southern move. USD Coin records a drop of almost a two-year low in its primary wallet addresses. According to data from Glassnode, a crypto analytics company, USD Coin metrics are becoming less impressive. For example, the stablecoin had recent sell-offs and drops that cut down its market cap. Related Reading: Bitcoin Price Witnesses Sharp Sell-Off – Further Volatility On Chart? A report on the....
Government disdain for end-to-end encryption is nothing new. The effort to kill Tornado Cash is just the latest chapter in this age-old war. The sanctions imposed by the United States government on Tornado Cash have reignited a public debate on privacy. For many in the relatively young crypto community, such an intervention by the federal government seems groundbreaking. However, tussles between the private sector and the state on the issue of privacy are far from new and can provide compelling insights on what we might expect next for privacy in the crypto industry.In the 1990s, Phil....