The free flow of digital assets in a decentralized ecosystem has always been frowned upon by conservatives. These new economic behaviors are difficult to explain. The freedom given to users of cryptocurrency often refers to the fear of money laundering. This is exactly the reason for the Tornado Cash penalties.
The crypto mixer has received an operation ban notice. The mixer in question is built on the ethereum blockchain. The blockage that he was facing now upset the whole system. However, the US Treasury was forced to use strict measures to avoid any risk of hack and malicious operations.
Tornado Cash is allowed
The US Treasury released its decision earlier in August. The decision stipulates the blacklisting of the cryptocurrency mixing platform Tornado Cash. As a reminder, crypto mixer is a tool that makes transactions completely anonymous. Logically, crypto mixers are a fertile ground for hackers and those who want to be quick earning cryptocurrency.
It is apparent that many money laundering and embezzlement operations are carried out by Tornado Cash. The famous masters of the matter are the group of North Korean hacker gang Lazarus. The latter is the origin of the Harmony hack and has succeeded in stealing billions of USD to their credit.
Tornado Cash is not the only cryptocurrency mixer that blockchain fears, although it is the most popular. Blender.io is also one of the most used. By the way, Blender.io is also authorized by the US Treasury.
The Tornado Cash penalty has angered the crypto mixer community. Users of all sizes protested the decision. Since then, they resort to a wacky practice to show their contentment.
Users oppose the US Treasury
Users of Tornado Cash decided to group the US Treasury by acting in a rather crazy way. They took celebrities who invested in the blockchain hostage by sending them the amount of 0.1 ETH through Tornado Cash. Their purpose in making such a transaction is to immobilize the recipients.
The truth is that the US Treasury has immobilized recipient accounts to curb the motivation of pirates. This provision taken by the government seems completely ridiculous according to the followers of Tornado Cash, knowing that it is not possible to know the hackers correctly.
Many celebrities have been harassed by opponents of Tornado Cash penalties. Artist Beeple is one of those affected. Then, Jimmy Fallon and Brian Armstrong the founders of Coinbase were also targeted. These penalties are disabled for immobilized users.
However, the decisions of the American Treasury cannot be reversed until now.
Despite these inconveniences, blockchain users have not stopped investing. To protect their assets and earnings, crypto-asset users have stopped managing Tornado Cash. New developments in the blockchain universe continue to appear. The metaverse implications of supermodel Karlie Kloss is one of these innovations.
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