Tag: Cash

Bankrupt Crypto Lender Celsius Now Says It Likely Has Enough Cash to Last Through End of Year

According to Ferraro, since its last filing on July 29 Celsius has spent $40 million of its cash balance primarily on building out its mining site in Texas and on payroll. This week, the federal court presiding over Celsius’ bankruptcy proceedings approved the firm’s resumption of selling its mined bitcoin (BTC) to help pay operating costs. In July, Celsius mined $8.7 million worth of bitcoin, but the company’s operational and capital costs for the month exceeded those earnings. Source

Wife of arrested Tornado Cash dev forbidden to speak with him — Rally organized

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Ksenia Malik, the wife of Tornado Cash creator Alexey Pertsev Wife has lashed out at Dutch authorities for treating her husband like a “dangerous criminal” following his arrest last week. The Dutch Fiscal Information and Investigation Service (FIOD)  arrested Pertsev on Aug. 12 over an alleged use of the Ethereum-based privacy tool to launder money and conceal criminal financial flows. Speaking to Cointelegraph, Malik confirmed that Pertsev remains in the hands of Dutch authorities and has not had the chance to contact him since he was put behind bars. “He’s…

Kraken CEO Jesse Powell Says Crypto Exchange Will Be Forced To Freeze Funds Coming From Tornado Cash

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Kraken CEO Jesse Powell says that the US government’s decision to sanction Tornado Cash leaves the crypto exchange with no option but to block funds coming in from the coin mixing service.  Earlier this month, the U.S. Treasury Department banned Americans from using of Tornado Cash, citing national security concerns as the agency claims the protocol has been used to launder $7 billion worth of crypto assets since 2019.  In a new interview with Bloomberg, the head of the crypto exchange says that there are still a lot of people…

Tornado Cash sanctions will ultimately undermine the US and strengthen crypto

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The United States’ move to sanction the open-source code that makes up the Tornado Cash privacy protocol may be shocking, but it’s not surprising. America has been tightening its grip over the global financial system for decades, ostensibly to cut down on bad behavior, but also to project power abroad. Economic sanctions, like the ones enforced by the aptly named Office of Foreign Assets Control, are a powerful weapon. The agency’s website states that it “enforces economic and trade sanctions based on U.S. foreign policy and national security goals.” It…

Tornado Cash ban could spell disaster for other privacy protocols — Manta co-founder

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There are mounting concerns that recent United States government sanctions against Tornado Cash will become a “slippery slope” for Web3 privacy that could eventually make the entire space “meaningless.” Speaking to Cointelegraph, Shumo Chu, co-founder of privacy protocol Manta Network expressed worry that the strict sanctions against Tornado Cash could have a knock-on effect on every Web3 protocol including ones providing privacy. Chu is one of the co-founders of Polkadot-based Manta Network, a layer-1 privacy protocol that enables private transactions in decentralized finance (DeFi). Tornado Cash (TORN) is an Ethereum…

Tornado Cash Sanctions May Harm Innocent Users

It would appear that recovering his funds would, right now, constitute a sanctions violation. At a minimum, there is no clarity. To many, the sanctions appear to either have been a heartless move, forsaking the privacy needs and financial integrity of innocent users, or to have been a thoughtless one. Source

Tornado Cash Sanctions Are Spiraling Into Compliance Nightmares

Between Aug. 7 and Aug. 13, users sent in about 11,000 ETH (so this figure went down week-over-week) and sent out … 49,852 ETH. Tornado was sanctioned on Aug. 8, meaning the week-over-week figure nearly doubled. And it’s not that Aug. 7 (the night before the sanctions were announced) was particularly busy: According to Nansen, the inflow amounted to 2,738 ETH, and the outflow was about 1,400 ETH, so not a lot (relatively speaking). The outflow on Aug. 8 was 13,800, a full order of magnitude greater than the day…