Tag: Cash

The Problem Tornado Cash Raises About Base Layer Censorship on Ethereum

On an otherwise quiet day last month, the crypto industry woke up to big news – the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) added 45 public Ethereum addresses to the sanctions blacklist, including addresses where the Tornado Cash byte code, or smart contract, was stored, potentially rendering interactions with those addresses a violation of law. Up to this point, all addresses included on the Specially Designated Nationals and Blocked Persons List (SDN List) had been wallets purportedly belonging to known “bad actors,” making the Tornado Cash sanctions…

Github Partially Reinstates Tornado Cash Codebase, Open Source Code Set to Read-Only Mode – Bitcoin News

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The internet hosting and software development subsidiary of Microsoft, Github, has partially unbanned the Tornado Cash repositories following the recent sanctions enforced by the U.S. Treasury Department’s Office of Foreign Asset Control (OFAC). Github’s decision follows the U.S. Treasury updating the public, noting that U.S. persons can copy, view, and discuss the open-source code. Github’s partial reinstatement lets repository visitors look at the Tornado Cash codebase in read-only mode. Github Reinstates Tornado Cash Repositories in Read-Only Mode The cryptocurrency community has been discussing the internet hosting and software development platform…

Tornado Cash saga left a void, says Chainalysis chief scientist: Finance Redefined

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Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. Chainalysis chief scientist shared his views on the Tornado Cash saga and said that the incident has left a void for illicit fund mixing services, but the real impact of the sanctions could be determined in the long run. The staking ecosystem of Ethereum post Merge could have a significant impact on the crypto economy, according to a new report. Institutional lending platform Mapple…

GitHub unbans Tornado Cash repositories following OFAC guidance

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Crypto mixer Tornado Cash has returned to the software development platform GitHub after several weeks of being banned on the website. Ethereum developer Preston Van Loon took to Twitter on Thursday to report that GitHub has partly unbanned the Tornado Cash organization and contributors on their platform. The developer suggested that Tornado Cash’s code repositories are now in read-only mode, which means that GitHub is yet to restore full functionality. “But that is progress from an outright ban. I still encourage GitHub to reverse all actions and return the repositories to…

Blockchain investor Abraham Piha explains how Tornado Cash legal issues will affect the crypto market

Things have not been looking too good for the crypto market in recent months, with the market seemingly being gripped by one piece of bad news after another. To this point, on Aug. 8, the United States Department of the Treasury’s Office of Foreign Assets Control issued legal sanctions against digital currency mixer Tornado Cash. As per the regulatory body, since the platform’s inception in 2019, it has been used for a host of illicit money laundering activities estimated to be worth $7 billion. Of this sum, it is estimated…

Coinbase is fighting back as the SEC closes in on Tornado Cash

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On Sept. 8, Coinbase announced it was bankrolling a lawsuit against the United States Treasury Department. The cryptocurrency exchange is funding a lawsuit brought by six people that challenges the sanctions on Tornado Cash. And on Sept. 9, Securities and Exchange Commission (SEC) Chair Gary Gensler announced he was working hard with Congress to create legislation to increase cryptocurrency regulations. But these two stories are not mutually exclusive. The sequence of events proves that governments are purely reactive rather than proactive when it comes to decentralized finance (DeFi). Tornado Cash was…

US Treasury Clarifies How to Comply With Regulations on Sanctioned Crypto Mixing Service Tornado Cash – Regulation Bitcoin News

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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 (OFAC) sanctioned the Ethereum-based mixer and prohibited…

Cowboy Maverick Johnny Cash Mines 2.6 BTC Jackpot in Gold Rush at Bitcoin.com’s Crypto Casino – Promoted Bitcoin News

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Gold Rush with Jonny Cash dishes out a massive win of 2.6 BTC! Massive Win on Casino Slot Jackpot wins on our crypto casino Bitcoin.com Games have become a regular phenomenon with players winning insane amounts of BTC every month. Just yesterday, a lucky player’s mining adventures on the smashing slot game Gold Rush with Johnny Cash took an extremely fortuitous turn. One of the bets that they had made on the slot was destined to land them a massive win of 2.6 BTC. Gold Rush with Johnny Cash Gold…