Tag: Cash

Crypto lobbyists still fighting to axe ‘unlawful’ Tornado Cash sanctions

The Blockchain Association and the DeFi Education Fund have become the latest industry advocates to file their support of Coin Center’s lawsuit against the United States Treasury over its “unlawful” sanctions aga Tornado Cash. On June 2, the two cryptocurrency industry advocacy groups filed a joint amicus brief in support of Coin Center, arguing that the U.S. sanctions against the crypto mixer Tornado Cash should be dropped. 1/ Today, my colleagues and I at @BlockchainAssn and our partners at @fund_defi filed an amicus brief in support of @coincenter‘s lawsuit against…

Crypto lobbyists still fighting to axe ‘unlawful’ Tornado Cash sanctions

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The Blockchain Association and the DeFi Education Fund have become the latest industry advocates to file their support of Coin Center’s lawsuit against the United States Treasury over its “unlawful” sanctions against Tornado Cash. On June 2, the two cryptocurrency industry advocacy groups filed a joint amicus brief in support of Coin Center, arguing that the U.S. sanctions against the crypto mixer should be dropped. 1/ Today, my colleagues and I at @BlockchainAssn and our partners at @fund_defi filed an amicus brief in support of @coincenter‘s lawsuit against OFAC fighting…

Tornado Cash Sanctions Called “Unprecedented And Unlawful” By The Blockchain Association

The Blockchain Association and DeFi Education Fund have filed an amicus brief calling the U.S. Treasury Department’s decision to sanction Tornado Cash “unprecedented and unlawful.” Until OFAC imposed sanctions, Tornado Cash was the most popular privacy-protecting tool on Ethereum, the world’s second-largest digital asset platform. The software is self-executing computer software published on the Ethereum blockchain, and it functions automatically without any human intervention or assistance. Blockchain Association Takes On U.S. Treasury Over Tornado Cash Sanction The filing argues that the decision to sanction Tornado Cash reflects a basic misunderstanding…

Blockchain Association Files Amicus Brief in Coin Center Lawsuit Against U.S. Treasury Over Tornado Cash Sanctions

“An order effectively requiring Defendants to decriminalize use of the 20 Tornado Cash addresses would allow Plaintiffs to conduct their legitimate activities with some measure of anonymity, use their preferred software tool without fear of penalties, and engage in important expressive associations,” the suit said. “Judicial relief would also serve the public interest by averting harm to Tornado Cash users who are United States persons, to Ethereum as a freedom and privacy enhancing technology, and to the important sector of the economy that depends on Ethereum.” Source link

Bitcoin Cash Advocate Roger Ver Hails Ethereum as the Future of Cryptocurrency Adoption

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In a recent Show Me The Crypto appearance, renowned Bitcoin Cash advocate and early Bitcoin investor Roger Ver expressed his admiration for Ethereum, asserting that it will play a pivotal role in driving worldwide cryptocurrency adoption. Ver’s endorsement of Ethereum aligns with the sentiments shared by the hosts of the YouTube show, particularly regarding the Ethereum ecosystem’s innovations, such as non-fungible tokens (NFTs). Acknowledging that Ethereum does not currently possess the largest market capitalization compared to Bitcoin, Ver emphasized that Ethereum is the front-runner in spearheading the global adoption of…

Hacker drops control over Tornado Cash as they use it to wash stolen funds

A hacker who recently took over the cryptocurrency mixer Tornado Cash has given up control while still using the protocol to launder the digital tokens stolen in the attack. Hacker uses Tornado Cash to wash stolen tokens In the incident, the attacker obtained 483,000 TORN coins, the protocol’s native currency, and later converted a sizable amount of the loot into ETH.  This was due to exploitation of a weakness in the Tornado Cash governance system, which is generally run by the crypto community. The user has also reportedly used the…

Tornado Cash governance control set to be restored as voters approve proposal

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The governance tokenholders of Tornado Cash will soon regain control over the protocol’s operations, thanks to an unexpected proposal put forward by the attacker. This development allows the community to regain authority and steer the protocol toward recovery and improved security measures. On May 26, the proposal to restore control to the original governance tokenholders of Tornado Cash passed successfully. A total of 517,000 token votes favored the proposal, with none opposing it. This resolution brings a swift conclusion to a governance takeover that, fortunately, did not impact the protocol…

Wallet drainer moves funds to Tornado Cash

Crypto security firm CertiK has warned that a known wallet drainer has moved funds into sanctioned crypto tumbler Tornado Cash. In a May 27 alert, CertiK stated that two externally owned addresses (EOAs), 0x546 and 0x108, deposited 20 ether (ETH) with a market value of $36,473 into Tornado Cash. Source: CertiK on Twitter Per the alert, the funds came from a wallet drainer, a malicious file that automatically moves crypto from the wallets of unsuspecting visitors to phishing sites. While CertiK claimed the address from which the funds originated was…

US Treasury challenged over Tornado Cash sanctions

In a bid to reverse sanctions against Ethereum’s privacy service, Tornado Cash, plaintiffs question the U.S. Department of Treasury’s interpretation of property rights in smart contracts and the application of the first amendment’s free speech clause. In a fresh legal development, the U.S. Department of Treasury is confronted with a lawsuit pertaining to sanctions levied against ethereum mixing service, Tornado Cash. The plaintiffs argue that the case focuses on ensuring the Treasury’s adherence to fundamental principles of the International Emergency Economic Powers Act (IEEPA) and the Free Speech Clause of…