Fresh details about bad actors leveraging Tornado Cash's service have emerged in light of OFAC's sanction.
Fresh details about bad actors leveraging Tornado Cash’s service have emerged in light of OFAC’s sanction.
Tornado Cash has become a common money laundering platform with rapidly growing incidents across Ethereum and Binance Smart Chain on a consistent uptrend. A substantial magnitude of the illicit funds has lost their trail after going through the mixer.by blockchain security platform SlowMist, 74.6% of stolen funds on the Ethereum network were transferred to the controversial cryptocurrency tumbler during the first half of 2022.
Subsequently, Kraken, USDC stablecoin, run by a consortium of Circle and Coinbase, blocked accounts linked to Tornado Cash. The stringent action by the Treasury watchdog may have prompted many industry players to block addresses linked to the mixer, sparking a new row of discussions on how far protocols and companies will go to adhere to regulations set by the government.Non-profit crypto policy think tank Coin Centre, for one, is keen on taking the matter to the court.
Kraken CEO Jesse Powell also believes wiping off Tornado Cash’s code repositories from Github was unnecessary and added that there are privacy-seeking and law-abiding users whose interests should not have been jeopardized.
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