US Government Approves Ethereum-Based Mixer Tornado cash

The US Department of Treasury has approved Tornado cash, a well-known Ethereum-based coin mixing service.

The government agency added the popular Ethereum mixing tool to its sanctioned list Monday. A post on the Treasury’s website confirms that the protocol’s website and a list of smart contracts associated with the project are now blocked. It’s the first time the U.S. has sanctioned a DeFi protocol on-chain. 

The action demonstrates the determination of American authorities to pursue various crypto supply chain nodes that are exploited for illicit purposes.

Another currency mixing firm, Blender, was sanctioned by the US authorities in May for allegedly assisting North Korea in the money laundering of some of the Axie Infinity monies.

Tornado Cash was “technically impossible”

Services that mix coins are used to hide the source of specific transactions.

One of Tornado Cash’s founders said in March that it was “technically impossible” to impose penalties on the contentious coin mixer.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

CoinCu News

US Government Approves Ethereum-Based Mixer Tornado cash

The US Department of Treasury has approved Tornado cash, a well-known Ethereum-based coin mixing service.

The government agency added the popular Ethereum mixing tool to its sanctioned list Monday. A post on the Treasury’s website confirms that the protocol’s website and a list of smart contracts associated with the project are now blocked. It’s the first time the U.S. has sanctioned a DeFi protocol on-chain. 

The action demonstrates the determination of American authorities to pursue various crypto supply chain nodes that are exploited for illicit purposes.

Another currency mixing firm, Blender, was sanctioned by the US authorities in May for allegedly assisting North Korea in the money laundering of some of the Axie Infinity monies.

Tornado Cash was “technically impossible”

Services that mix coins are used to hide the source of specific transactions.

One of Tornado Cash’s founders said in March that it was “technically impossible” to impose penalties on the contentious coin mixer.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

CoinCu News

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