Tag: Cash

Tornado Cash dev says ‘sequel’ to crypto mixer aims to be regulator-friendly

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A former Tornado Cash developer claims to be building a new crypto mixing service that aims to solve a “critical flaw” of the sanctioned crypto mixer — which he hopes will convince U.S. regulators to reconsider its position on privacy mixers. The code of a new Ethereum-based mixer, “Privacy Pools,” was launched on GitHub on Mar. 5 by its creator, Ameen Soleimani. In a 22-part Twitter thread, Soleimani explained that the “critical flaw” with Tornado Cash is that users cannot prove that they’re not associated with North Korea’s Lazarus Group…

Tornado Cash Fork, Privacy Pools, Deployed on Optimism Testnet

With Privacy Pools, users deposit their funds into a common pool and withdraw their funds into a new wallet address that is untraceable and unlinkable to any prior transaction history, using zero-knowledge proofs that allow for information to be verified, such as a transaction on a blockchain, without leaking specific details of the transaction. Source

Bitcoin-friendly Cash App integrates TaxBit amid tax-filing season

Mobile payments processor Cash App has integrated crypto tax and accounting software TaxBit into its services, giving Bitcoin (BTC) holders a more streamlined approach to reporting their taxes.  As of Feb. 28, Cash App users can now keep track of their Bitcoin transactions for tax reporting purposes using TaxBit, both companies announced. TaxBit’s chief operating officer Lindsey Argalas said her company’s platform simplifies tax reporting “for everyone who has integrated digital assets into their portfolio.” Cash App launched its Bitcoin trading services in 2018 and rolled out BTC deposits the…

Lendhub protocol exploiters spotted shifting $3.85M into Tornado Cash

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The suspected actors behind the $6 million exploit of decentralized finance (DeFi) lending protocol Lendhub have just sent more than half of their ill-gotten gains from January into sanctioned crypto mixer Tornado Cash. Blockchain security firms PeckShield and Beosin alerted their respective followers to the movement of funds on Feb. 27, noting that around 2,415 Ether (ETH) worth around $3.85 million was sent to Tornado Cash from a wallet connected to the Jan. 12 exploit. #PeckShieldAlert ~2,415.4 $ETH (~3.85M) into Tornado Cash from @LendHubDefi exploitersLendHub was exploited, and $6M worth…

Block Inc’s Cash App Records Bitcoin Impairment in Q4 2022

Like many other companies, Block invested in Bitcoin when the digital asset price was skyrocketing. Multinational technology conglomerate Block (NYSE: SQ) said the Bitcoin gross profit from its Cash App declined by 25% to $35 million in Q4 2022. According to the report, the total Bitcoin sold, which the company refers to as Bitcoin revenue, was $1.83 billion representing a 7% drop. Block said Cash App accounted for losses in Bitcoin revenue and gross profit compared to the same period of the previous year. The significant decline in Bitcoin’s price triggered…

Chipper Cash Lays Off More Workers — Crypto Department Still Operational, Says CEO – Fintech Bitcoin News

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The Nigerian fintech, Chipper Cash, recently said it has let go of more employees and that this step has been taken to help the firm contain its operating costs. Although no figure of the number of axed workers was given, one report estimated this to be around 100, or 12.5% of Chipper Cash’s entire workforce. Chipper Cash CEO Ham Serunjogi has dismissed reports that the fintech has shut down its crypto department. The Deteriorating Macroeconomic Climate The Nigerian fintech, Chipper Cash, recently confirmed it had laid off a second batch…