Nexo is being sued by a group of investors for allegedly blocking 107 million British pounds ($126 million) worth of crypto in 2020-21, according to a report. Source
Crypto Lender Nexo Sued for Allegedly Blocking $126M Withdrawals in 2020-21: Report
Tag: Blocking
dYdX confirms blocking (and unblocking) some accounts flagged in Tornado Cash controversy
Cryptocurrency derivatives trading platform dYdX said it blocked some users’ accounts with funds linked to Tornado Cash, including mistakenly suspending some that never directly engaged with the controversial mixer. In a Wednesday blog post, dYdX said it had “unbanned certain accounts” that the derivatives platform had blocked in response to the Office of Foreign Assets Control of the United States Treasury Department adding Tornado Cash to its list of Specially Designated Nationals, or SDNs. According to dYdX, its compliance provider flagged many accounts believed to be linked to Tornado Cash,…
New York State Assembly Passes Bill Blocking New Cryto Mines That Use Non-Renewable Power
However, advocates of the bill noted that existing facilities would remain unaffected by the bill, as well as any facilities that tap renewable resources. The bill itself specifies that the New York Department of Energy “shall not approve a new application for or issue a new permit … for an electric generating facility that uses a carbon-based fuel and that provides, in whole or in part, behind-the-meter electric energy consumed or utilized by cryptocurrency mining operations that use proof-of-work authentication methods to validate blockchain transactions.” Source
Decentralized Finance Crypto Exchange Uniswap Starts Blocking Addresses Linked To ‘Blocked Activities’ – Defi Bitcoin News
Uniswap, one of the main decentralized finance exchanges in the cryptocurrency world, is now taking measures to ensure illegal funds cannot be transacted using its platform. The company has already started blocking addresses linked to “blocked activities” and will apply a filter with data provided by TRM Labs, a blockchain analysis firm that focuses on detecting illegal activities. Uniswap Scrutinizes Addresses Interacting With Its Frontend Uniswap, the decentralized finance exchange, has taken measures to curb the illegal activity conducted using its platform. The exchange has now introduced address…
ETH Mixer Tornado Cash Reveals Blocking OFAC Sanctioned Ethereum Addresses via Chainalysis Oracle Contract – Bitcoin News
According to the project’s official Twitter account, Tornado Cash, the ethereum mixing service that allows participants to shuffle ether, is blocking flagged ethereum addresses listed on the Office of Foreign Assets Control’s (OFAC) Specially Designated Nationals And Blocked Persons list (SDN). The decision follows the recent OFAC update, that lists the Ronin exploiter’s ethereum address, and further notes that the ether wallet is allegedly associated with the infamous North Korean hackers, Lazarus Group. Ethereum Mixer Tornado Cash Blocks OFAC Sanctioned Addresses Tornado Cash announced on April 15, 2022, that the…
Tornado Cash Adds Chainalysis Tool for Blocking OFAC-Sanctioned Wallets From Dapp
“The fact that Tornado Cash doesn’t allow access to its app to comply with regulations doesn’t necessarily mean that the protocol and smart contracts are not available to the sanctioned entities,” Tal Be’ery, the chief technology officer of crypto wallet ZenGo, told CoinDesk in a direct message. Source
EU Lawmakers to Vote on Blocking Anonymous Crypto Payments, Documents Show
The European Parliament also wants to curb payments to tax havens and check people’s identity even for payments between unhosted wallets, internal papers reveal. Source
Colombians Take Legal Action Against Binance for Blocking Their Funds – Bitcoin News
An account blockade that happened more than five months ago due to money laundering issues has prompted some Colombian users of Binance to commence legal action against the exchange in the country. According to reports the funds blocked exceed $1 million, and after an investigation from the FIOD, the Netherlands’ anti-money laundering watchdog, the funds were linked to financial crimes. Binance Account Blockage Prompts Legal Action in Colombia Binance is facing legal issues in Colombia after blocking the accounts of a group of citizens whose activities were allegedly…
Coinbase Not Blocking Russian Crypto Accounts Unless Forced by US Government – Blockchain News, Opinion, TV and Jobs
The CEO of popular American cryptocurrency exchange Coinbase has announced that they will not block Russian crypto accounts unless the US government issues an order to do so. The company feels it’s unfair to ban ordinary Russians from crypto. Brian Armstrong, the Coinbase CEO, believes that crypto will most likely not be used by the Russian oligarchs to move funds. Given the fact that blockchains are public and traceable, Armstrong finds it very unrealistic that Russian billionaires, leaders and oligarchs will turn to cryptocurrencies for the movement of their money.…
Bank of Russia Wants to Restrict Crypto Investments by Blocking Card Payments, Report Reveals – Finance Bitcoin News
The Central Bank of Russia is currently reviewing various ways to prevent Russians from investing in cryptocurrency. One the options on the table is to block card payments to certain recipients such as crypto exchanges, a media report has unveiled. A recent meeting at the State Duma has indicated, however, that the authority’s hardline stance is not backed by other government institutions in Moscow. Russia’s Central Bank Considers Mechanisms to Limit Crypto Investments In talks with financial market participants, the Central Bank of Russia (CBR) has been discussing several approaches…