Tag: Cash

In the eye of Tornado Cash

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Summer is still on, harvesting the fresh names for its list of the crypto companies in deep trouble. This time, the trouble came not from the market or management but from the United States Treasury Department. The regulator has added more than 40 cryptocurrency addresses allegedly connected to crypto mixer Tornado Cash to the Specially Designated Nationals list. These individuals and groups allegedly laundered more than $7 billion worth of cryptocurrency.  Accusations like this don’t come easy — one of the co-founders of Tornado Cash has reported his account suspended…

Crypto Economy’s Top Privacy Coins Take a Hit After US Government Banned Tornado Cash – Bitcoin News

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Following the U.S. government prohibiting the use of the ethereum mixing service Tornado Cash, the crypto economy’s top privacy coins lost more than 8% in USD value the following evening after the ban announcement. The top privacy coins like monero and zcash managed to recover the losses two days later, but during the last 24 hours, the top privacy coins by market capitalization today are around $6.44 billion, down 3% from the day prior. While the Top Privacy Coins Have Seen Some Recovery, Most Took a Market Beating Last Week…

Tornado Cash community fund multi-signature wallet disbands amid sanctions

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Following the sanctions placed by the United States on USD Coin (USDC) and Ethereum (ETH) addresses associated with the crypto mixer Tornado Cash (TORN), the signatories of the projects’ multi-signature community fund disbanded.  In 2021, the Tornado Cash community created a fund to provide incentives to key contributors to the project. The fund was held in a community-managed multi-signature wallet with five peer-elected members validating transactions who were selected because of their contributions to the project. However, as interacting with Tornado Cash started to come with more risks, with penalties…

Kevin O’Leary says sacrificing Tornado Cash worth it for institutional adoption

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Clamping down on crypto applications that “mess with the primal forces of regulation” is necessary, says Shark Tank host and millionaire venture capitalist Kevin O’Leary, who argued that Tornado Cash and similar services are preventing real institutional capital from coming into the space. In a discussion on Crypto Banter on Saturday, O’Leary, also known as Mr. Wonderful, suggested that applications like Ethereum-based crypto mixer Tornado Cash are a part of a “crypto cowboy” culture that shouldn’t have a place in the industry. Instead, O’Leary is of the view that crypto…

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…