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News

Layer-2 Aztec Solution Eliminates The Connect Security Bridge Due To Regulatory Demands

March 13, 2023 - Around 2 mins mins to read
Key Points:
  • Answer for the Second Layer Aztec has made the formal announcement that the Connect security bridge will be shut down due to concerns over the features it offers.
  • One week after the notification, deposits to smart contracts made using Aztec Connect products like as zk.money and zkpay.finance would be denied.
Project for a Layer-2 solution Ethereum Due to regulatory demands on the “mix transaction” functionality, Aztec submitted a notification to permanently close the Connect security bridge.
Layer-2 Aztec Solution Eliminates The Connect Security Bridge Due To Regulatory Demands

On March 13, Aztec Network, a layer-2 Ethereum solution that has evolved toward zk-rollups and is primarily concerned with the confidentiality of transactions, announced that it would be decommissioning a crucial part of the jigsaw puzzle. The Connect security bridge is what the infrastructure consists of in this case.

The project issues a warning that deposits to smart contracts made using Aztec Connect products, such as zk.money and zkpay.finance, will be blocked one week after the news is made. Nonetheless, customers will be able to continue making cash withdrawals for one more year, until March 21, 2024.

Layer-2 Aztec Solution Eliminates The Connect Security Bridge Due To Regulatory Demands

The news comes at a time when the government of the United States of America and other governments are actively working to “lockdown” privacy-promoting protocols like Tornado Cash. FTX has previously detected the Aztec Network (before it went bankrupt), which caused them to halt a transaction involving zk.money. The exchange views zk.money as a “money mixing” method that has a high risk of not working properly.

The Aztec Network was launched in 2017, and in July of the year prior, the Connect secure bridge mainnet was made available to the general public for the first time. This Network has been successful in completing a number of investment rounds, the most recent of which was a Series B capital transaction for the amount of USD 100 million that was headed by a16z. Aztec has been successful in raising a total of 119.1 million dollars in American currency.

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 us to keep track of news: https://linktr.ee/coincu

Chubbi

Coincu News

News

Layer-2 Aztec Solution Eliminates The Connect Security Bridge Due To Regulatory Demands

Key Points:
  • Answer for the Second Layer Aztec has made the formal announcement that the Connect security bridge will be shut down due to concerns over the features it offers.
  • One week after the notification, deposits to smart contracts made using Aztec Connect products like as zk.money and zkpay.finance would be denied.
Project for a Layer-2 solution Ethereum Due to regulatory demands on the “mix transaction” functionality, Aztec submitted a notification to permanently close the Connect security bridge.
Layer-2 Aztec Solution Eliminates The Connect Security Bridge Due To Regulatory Demands

On March 13, Aztec Network, a layer-2 Ethereum solution that has evolved toward zk-rollups and is primarily concerned with the confidentiality of transactions, announced that it would be decommissioning a crucial part of the jigsaw puzzle. The Connect security bridge is what the infrastructure consists of in this case.

The project issues a warning that deposits to smart contracts made using Aztec Connect products, such as zk.money and zkpay.finance, will be blocked one week after the news is made. Nonetheless, customers will be able to continue making cash withdrawals for one more year, until March 21, 2024.

Layer-2 Aztec Solution Eliminates The Connect Security Bridge Due To Regulatory Demands

The news comes at a time when the government of the United States of America and other governments are actively working to “lockdown” privacy-promoting protocols like Tornado Cash. FTX has previously detected the Aztec Network (before it went bankrupt), which caused them to halt a transaction involving zk.money. The exchange views zk.money as a “money mixing” method that has a high risk of not working properly.

The Aztec Network was launched in 2017, and in July of the year prior, the Connect secure bridge mainnet was made available to the general public for the first time. This Network has been successful in completing a number of investment rounds, the most recent of which was a Series B capital transaction for the amount of USD 100 million that was headed by a16z. Aztec has been successful in raising a total of 119.1 million dollars in American currency.

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 us to keep track of news: https://linktr.ee/coincu

Chubbi

Coincu News

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