• 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

RWA Nexus Focuses on Real-World Asset Tokenization

chest

RWA Nexus is targeting the tokenization of real-world assets to bridge traditional finance and blockchain.

user avatarGustavo Mendoza

MOVE Experiences 15% Rally Following Hyperliquid Listing

chest

MOVE has seen a sharp 15% price increase after its listing on Hyperliquid, despite broader market pullbacks.

user avatarMiguel Rodriguez

World Liberty Financial Announces World Liberty Forum

chest

World Liberty Financial WLFI announces the World Liberty Forum to discuss the future of finance, technology, and regulation.

user avatarRajesh Kumar

Poland's Central Bank Plans Major Gold Purchase

chest

Poland's central bank plans to purchase 150 tons of gold, causing a surge in gold prices.

user avatarLuis Flores

CNBC Vice President Almost Falls Victim to Coinbase Phishing Scam

chest

Jason Gewirtz, CNBC's news VP, nearly fell for a Coinbase phishing scam when a caller impersonating a security representative claimed there was suspicious activity on his account.

user avatarArif Mukhtar

Avalanche Launches Build Games Competition with $1 Million Prize Pool

chest

Avalanche AVAX has launched a six-week global online competition called Build Games, offering $1 million in prizes to developers building new products and experiments on its blockchain network.

user avatarMaria Gutierrez

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.