The battle between the crypto community and the U.S. government over financial privacy just escalated dramatically. 📝 andrewrchow
the North Korean government of using the hack to “generate revenue for its weapons of mass destruction and ballistic missile programs.”. They say that after $600 million was drained from the Ronin network into a wallet controlled by the Lazarus group, it was then sent to intermediary wallets, then rinsed via Tornado Cash, $10 million at a time.
Redbord estimates that a billion dollars in North Korean-related laundered funds have gone through Tornado Cash, and that the ten biggest hacks perpetrated by North Korean hackers employed Tornado Cash to launder those funds. So on Monday, the Treasury Department placed Tornado Cash and related smart contract wallet addresses on their Specially Designated Nationals list, in the way they would an enemy of the state. Any Americans who interact with those addresses now may face criminal penalties.But while Tornado Cash is used by criminals, it is also used widely and legally by all types of users.
“This is a rough equivalent to sanctioning the email protocol in the early days of the internet, with the justification that email is often used to facilitate phishing attacks,” Lia Holland, the campaigns and communications director at the digital rights nonprofit Fight for the Future,There are many reasons why someone would want to use Tornado Cash: An employee who gets paid by their company in crypto, for example, may not want their employer to know all of their financial details.
Tornado Cash may also be useful for those who live under oppressive governments. Vitalik Buterin, the founder of Ethereum, came out in defense of the service this week,that he himself used Tornado Cash in order to donate to Ukrainian causes without putting the recipient organizations under extra scrutiny. And following the overturning of Roe v. Wade, donors to abortion funds may want to use Tornado Cash to keep their identities hidden.
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