Arrested Developer: Tornado Cash

85 🌪 US Treasury sanctions Tornado Cash, Arrests Developer, Community outraged.

Aug 15, 2022

Tornado Cash
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Tornado Cash

The week began with a swirl as Tornado Cash saw a massive decline in deposits and an increase in withdrawals after being sanctioned by the US Treasury.

Treasury Department @USTreasury

Today, Treasury sanctioned virtual currency mixer Tornado Cash, which has been used to launder more than $7 billion worth of virtual currency since its creation in 2019. Virtual currency mixers that assist criminals are a threat to U.S. national security.

home.treasury.govU.S. Treasury Sanctions Notorious Virtual Currency Mixer Tornado CashToday, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned virtual currency mixer Tornado Cash, which has been used to launder more than $7 billion worth of virtual currency since its creation in 2019. This includes over $455 million stolen by the La…

The week then turned into a full fledged F5 for the currency mixer as it’s developer was arrested in Amsterdam.

Decrypt @decryptmedia

Dutch Police Arrest Alleged Tornado Cash Dev, More Arrests 'Not Ruled Out': Financial Crimes Unit ► decrypt.co/107314/dutch-p…

decrypt.coDutch Police Arrest Alleged Tornado Cash Dev, More Arrests ‘Not Ruled Out’: Financial Crimes Unit - DecryptA suspected developer of Ethereum mixing service Tornado Cash has been arrested in the Netherlands, with more arrests “not ruled out.”

It’s Discord server was deleted and there has been a huge uprising.

Watcher.Guru @WatcherGuru

JUST IN: Tornado Cash Discord server has been deleted.

The outrage is real and raw around the web3 industry. Coinbase CEO Brian Armstrong put out a forceful message around following the law while simultaneously challenging the sanctions.

Brian Armstrong - barmstrong.eth @brian_armstrong

Sanctioning a technology (as opposed to an individual or entity) seems like a bad precedent to me, and it should probably be challenged. Could have many downstream unintended consequences. #TornadoCash Hopefully obvious point: we will always follow the law.

Speaking out against the arrests and sanctions continued with prominent individuals sharing options on how you can support and protect privacy.

Jack Niewold 🫡 @JackNiewold

THE ATTACK ON TORNADO CASH IS AN ATTACK ON DIGITAL FREEDOM We WILL respond to the injustice of the Tornado Cash arrest/sanctions. Tools of financial and human liberty must be protected, here are four organizations protecting crypto/privacy that need your help:

All in all, the past week saw law enforcement agencies and governments take a major leap forward towards regulation and outright control of individuals rights and privacy with regards to web3.

What happens next? We will be watching, writing, and recapping the journey.

As we continue to say, we are:

RIPPΞ @MichaelRippe

web2.1 step closer to 3

🎨 NFT News

OpenSea addresses and updates stolen NFT policy:

OpenSea @opensea

1/ Can we address the 🐘 in the room? We want to provide you more clarity and transparency around our stolen items policy ↯

Magic Eden proposes building an ApeCoin marketplace:

TheFirstMint @TheFirstMint

NFT Marketplace @MagicEden has proposed building an ApeCoin marketplace solely for Bored Ape Yacht Club. The marketplace would be accessible from the ApeCoin website and could offer seller fees as low as 0.75% OpenSea seller fee is currently 2.5%

📰 Bitcoin Today

BlackRock launches Bitcoin spot Private Trust:

Will Clemente @WClementeIII

The largest asset manager in the entire world now offers direct Bitcoin spot exposure. Why would they do this? Because they’ve gotten tremendous demand from their high net worth clients. theblock.co/post/162987/bl…

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DeFi Fridays

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