Crypto-mixing platform Tornado Cash blocks US sanctioned addresses
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Answer Crypto-mixing platform Tornado Cash blocks US sanctioned addresses
Crypto-mixing platform Tornado Cash has announced its collaboration with Chainalysis and the use of its tools to analyze nodes and external addresses.
The announcement comes on the heels of Western countries imposing sanctions to cripple the Russian economy, punishing President “Vladimir Putin” and senior officials, as well as individuals who benefited from his regime, and preventing the use of cryptocurrencies to evade sanctions.
According to tweet Tornado Cash, a cryptocurrency mixing platform, aims to prevent addresses subject to sanctions by the US Financial Intelligence and Enforcement Agency, and the Office of Foreign Assets Control (OFAC) from accessing the decentralized application.
Uses Tornado Cash Tweet embed Oracle contract to block addresses subject to OFAC sanctions from accessing dapp.Read:Delisting of Bitcoin SV from Binance causes its price to drop by more than 13%
Maintaining financial privacy is essential to preserving our freedom, however, it should not come at the expense of non-compliance.https://t.co/tzZe7bVjZt
– 🌪️ Tornado.cash 🌪️ (TornadoCash) April 15, 2022
OFAC has a list of sanctioned cryptocurrency wallets.
While maintaining the principle that financial privacy is of paramount importance, Tornado Cash also acknowledged that this should not come at the expense of non-compliance.
Roman Semenov, the founder of the protocol, explained that the changes apply only to the front end and not to smart contracts.
He went on to say:
Smart contracts are immutable.
The change only affected the front end, according to Semenov, who noted that it is technically impossible to sanction decentralized protocols.
Tornado Cash, known to hide the money path, is one of the very few protocols that have emerged to support Ethereum, and was created nearly two years ago.
It is worth noting that “Tornado Cash” has a bad reputation, being treated with suspicion since its launch.
In addition, it is linked to a massive and unprecedented security breach worth $655 billion, in which the exploiter reportedly transferred a cache of stolen Ethereum through the “Tornado Cash” protocol.Read:St. Kitts and Nevis plans to make Bitcoin Cash legal tender in 2023
Recently, Jonathan Levine, co-founder of Chainalysis, testified before the US Senate, revealing that the company had not found any concrete evidence of Russians evading sanctions using cryptocurrencies.
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