🌌 The Crypto-Mixing Service #TornadoCash $TORN Blacklisted by US Treasury #OFAC
A short thread to catch up on the latest happenings of the above event
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About Tornado Cash
• Tornado Cash is a protocol that makes transactions anonymous on the @ethereum network
, and it is this feature that makes Tornado Cash a “favorite” tool in “hacks” to erase traces and withdraw large amounts of money.
@ethereum The reason for this action
• The US Gov believes that Tornado Cash is accused of helping to launder up to 7 billion USD of dirty money.
, including cryptocurrencies from hacker organizations such as Lazarus Group and the recent DeFi attacks such as Horizon, and Nomad Bridge.
@ethereum ...
-> Therefore, the sanction now prohibits US investors from using the coin-mixing service’s chain in illegal activity.
@ethereum What happened after the above announcement
• More than 40 related Tornado Cash crypto addresses are on the Office of Foreign Assets Controls (OFAC) special sanctions list.
• Circle (USDC) Blocks Wallets Linked to Tornado Cash After US Sanctions.
home.treasury.gov/policy-issues/…
@ethereum More Updates from Tornado Cash
• GitHub of Founder Tornado is locked
• The website is currently not working
• $TORN price down 30% and no recovery yet.
@ethereum Conclusion
🙄 According to the US side, the country's Ministry of Finance will punish crypto mixer Tornado Cash for helping to launder money.
But Tornado Cash is just a smart contract, how can it be punished? 😂
More and more regulations lately.. what are your thoughts?
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