Tag: Cash

Tornado Cash Governance Token TORN Shudders More Than 57% Since the US Government Ban – Bitcoin News

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Amid the crackdown against Tornado Cash, associated addresses, contributing developers, and anyone who uses the mixing platform, the project’s governance token called TORN has shuddered in value. TORN is an ERC20 with a fixed supply that is leveraged for governance proposals and voting. During the last seven days, the Tornado Cash governance token has lost 57.6% in value against the U.S. dollar. Tornado Cash Token Loses More Than Half of Its Value This Week It seems that everything Tornado Cash touched is tainted and during the last week, the project’s…

Crypto Community Responds to Tornado Cash Sanctions, Privacy Advocates Say ‘There Are Many Legitimate Reasons to Seek Financial Anonymity’ – Privacy Bitcoin News

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The U.S. government banning the ethereum mixing service Tornado Cash and the enforcement that has followed has the crypto community in an uproar about the event. A large number of crypto and privacy advocates have spoken out against the actions the government has taken so far, and the nonprofit advocacy group Fight for the Future calls the ban “a threat to the future of financial privacy.” Advocacy Group Fight for the Future Says US Government Threatens Financial Privacy — ‘There Are Many Legitimate Reasons to Seek Anonymity in Financial Transactions’…

An Alleged Tornado Cash Developer Was Arrested. Are You Next?

The situation gets dicier when you move beyond the act of writing. “Without commenting on Tornado Cash specifically, acts like providing help to someone who wants to use the code, uploading a mixing smart contract to a protocol or operating a web app which can hook into a user’s MetaMask wallet strays into potentially criminal territory,” Preston Byrne, a lawyer who specializes in cybercrime and crypto, told Motherboard this week. Source

Tornado Cash DAO goes down without explanation following vote on treasury funds

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The Tornado Cash DAO went offline after many social media users reported the community discussing ways to challenge sanctions recently imposed by the United States Treasury Department’s Office of Foreign Asset Control. At the time of publication, the Tornado Cash DAO was offline reportedly following a discussion in which community members voted unanimously to add its governance layer as a signatory to its treasury’s multisig wallet, which manages a reported $21.6 million. It’s unclear what was responsible for the decentralized autonomous organization (DAO) going dark, but it followed a series…

Issues Crypto Should Watch For in the Tornado Cash Sanctions

Where things get weird is when you consider the whole open-source nature of Tornado Cash. As I mentioned, someone (and, I’ve been told, possibly several someones) has been sending small amounts of ETH through Tornado to people who have public Ethereum addresses, including comedians Jimmy Fallon and Dave Chappelle, or crypto folks like Coinbase (COIN) CEO Brian Armstrong and (I guess) Logan Paul and companies like Puma. Because their addresses are public, on the blockchain and not necessarily tied to a specific exchange, it’s difficult, if not impossible, to block…

Dutch Law Enforcement Arrests Suspected Tornado Cash Developer in Amsterdam – Bitcoin News

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According to a statement from the Dutch Fiscal Information and Investigation Service (FIOD), law enforcement officials in Amsterdam arrested an unnamed 29-year-old suspected of developing the ethereum mixing application Tornado Cash. FIOD accuses the suspect of “concealing criminal financial flows and facilitating money laundering through the mixing of cryptocurrencies.” Netherlands Law Enforcement Takes Suspected Tornado Cash Dev Into Custody, Officials Hint About the Possibility of Future Arrests Four days ago, the U.S. Treasury Department’s watchdog, the Office of Foreign Asset Control (OFAC), banned the ethereum mixing application Tornado Cash and…

Dutch authorities arrest suspected Tornado Cash developer

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Authorities in the Netherlands have arrested a developer that is suspected to be involved in money laundering through the crypto mixing service Tornado Cash. The Fiscal Information and Investigation Service (FIOD), an agency in the Netherlands responsible for investigating financial crimes, officially announced on Friday an arrest of a 29-year-old man in Amsterdam. The man has allegedly been involved in facilitating criminal financial flows and money laundering through the decentralized Ethereum mixer Tornado Cash, the authority said. The FIOD pointed out that it doesn’t rule out multiple arrests in the…