• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Reversal of Tornado Cash Sanctions in US: A Win for Privacy Technologies

user avatar

by Giorgi Kostiuk

a year ago

A US court has decided to reverse sanctions against Tornado Cash, marking a significant event for privacy-preserving technologies.

Sanction History

In August 2022, the US Treasury's OFAC sanctioned the cryptocurrency mixer Tornado Cash for allegedly helping the North Korean Lazarus Group in laundering over $455 million in stolen digital assets.

Court Decision

The US District Court for the Western District of Texas reversed OFAC's sanctions against Tornado Cash on January 21. The ruling stated that the previous court decision was erroneous, and the case is to be revisited.

It is ordered and adjudged that the judgment of the district court is reversed, and the cause is remanded to the district court for further proceedings in accordance with the opinion of this court.

Developer Challenges

Despite the reversal of sanctions, Tornado Cash developer Alexey Pertsev remains under arrest on money laundering charges. Pertsev argued that he couldn't be held accountable for users' unlawful activities on the protocol. However, the court dismissed these claims, indicating that the developers could have implemented more security measures to prevent abuse.

The reversal of Tornado Cash sanctions could be a pivotal step towards a more innovation-friendly regulatory environment. Nonetheless, the situation remains complex for developers.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Altcoins Attempt Recovery Amid Market Challenges

chest

Several major altcoins are trying to recover but are expected to face selling pressure at higher levels.

user avatarSatoshi Nakamura

MegaETH Launches Mainnet and Initiates Stress Test

chest

MegaETH has launched its public mainnet and is conducting a stress test to evaluate its scalability.

user avatarKofi Adjeman

NYC Mayor Calls for Higher Taxes on Wealthy Residents

chest

NYC Mayor Zohran Mamdani calls for higher taxes on wealthy residents to address a budget gap exceeding $12 billion.

user avatarNguyen Van Long

Major Brands Embrace Crypto Payments, Boosting Consumer Confidence

chest

Prominent US companies such as Starbucks, Walmart, and Home Depot are now accepting crypto payments, helping to normalize the use of digital assets in everyday transactions.

user avatarJesper Sørensen

Decentralized Crowdfunding Emerges Amid Geopolitical Challenges

chest

Decentralized crowdfunding is emerging as a vital tool for financial support amid geopolitical challenges, enabling direct funding to individuals and communities, particularly in regions like Venezuela where traditional banking is hindered.

user avatarLucas Weissmann

UK Government Calls for Changes in Google's AI Features for Publishers

chest

The UK government is urging Google to allow publishers to opt out of AI-generated Overviews in search results, addressing concerns over content ownership.

user avatarRajesh Kumar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.