• 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

8 months 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

Cboe to Launch 10-Year Bitcoin and Ethereum Futures

chest

Cboe plans to introduce 10-year Bitcoin and Ethereum futures, enhancing US-regulated access to crypto derivatives.

Jacob Williams

Jerome Powell Highlights Job Market Struggles for Gen Z

chest

Jerome Powell highlights the struggles Gen Z faces in the job market, citing rising unemployment and a challenging hiring environment.

Zainab Kamara

US Job Market Faces Challenges Amid Rising Unemployment

chest

The US job market is facing significant challenges, with 7.4 million unemployed individuals and only 7.2 million job openings, raising concerns about future job opportunities, especially for younger generations.

Son Min-ho

Avalanche and Hyperliquid Lead Altcoin Rally Following Fed Rate Cut

chest

Avalanche (AVAX) and Hyperliquid (HYPE) led a significant rally in altcoins following the Federal Reserve's quarter-point rate cut, with AVAX rising 101% and HYPE jumping 72%.

Ayman Ben Youssef

CEO of Praetorian Group International Pleads Guilty to Fraud Charges

chest

Ramil Ventura Palafox, CEO of Praetorian Group International, pleaded guilty to wire fraud and money laundering in a Ponzi scheme that defrauded over 90,000 investors, resulting in losses of at least $62 million.

Tando Nkube

ASIC Provides Regulatory Relief for Stablecoin Distribution

chest

ASIC has announced regulatory relief for stablecoin intermediaries, allowing distribution of stablecoins from licensed providers without separate financial services licenses.

Kofi Adjeman

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.