Tag: ofac

Sep 24 2022

Tornado Cash News: GitHub Repository Back Up, The Lawsuit, And The Hole It Left

We’ll keep discussing the Tornado Cash situation because this is a watershed moment for the cryptocurrency industry. Lines are being drawn. The future of privacy for cryptocurrency-related operations is at stake. One could even say that the future of the industry as a whole is at stake. Does the cryptocurrency industry has a future without basic privacy tools like Tornado Cash? In any...

Sep 16 2022

Crypto Addresses Tied To Russian Neo-Nazi Paramilitary Group Added To U.S. Blacklist

Sep 16 2022 Published at Bitcoinist.com under tags  bitcoin btcusd crypto crypto news ether

Crypto plays a vital role in shaping the modern-day war. It is used to buy weapons and boost the morale of combatants - and in this scenario - mercenaries who are just out there to add to an ongoing bloodshed. On Friday, the United States Treasury Department stated that 22 persons and two businesses with ties to the Russian government had been added...

Sep 14 2022

The OFAC Answers Questions About The Tornado Cash Sanctions, Uncertainty Remains

The Tornado Cash situation is a riddle wrapped up in an enigma. Why did the OFAC sanction a piece of software? And why did Dutch authorities arrest a sole developer? Those are not the question we’ll answer today. The OFAC updated the frequently asked questions on Tornado Cash-related matters. The answers focus on the details of the sanctions and not on the...

Sep 13 2022

US Treasury: Tornado Cash Deposits Prior To August 8 Sanction Withdrawable With OFAC License

Summary: The U.S. Treasury Department provided conditions for domestic users who wish to withdraw from sanctioned crypto mixer Tornado Cash. U.S. Citizens with deposits in the Ethereum-based service may apply for a license with the Office of Foreign Assets Control. The license requires users to share otherwise private information regarding their transactions. Tornado Cash users in America with incomplete transactions on the Ethereum-based...

Aug 30 2022

Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant? – Ep. 390

Andrew Hinkes, partner at K&L Gates and adjunct professor at NYU, and Martin Koeppelman, cofounder of Gnosis, talk about the sanctions on Tornado Cash, how they will impact Ethereum on the base layer, and the likelihood of having two chains. Show highlights: the legal meaning of the OFAC sanctions on Tornado Cash and why it is causing complications how legislation is built for...

Aug 26 2022

Is This The Reason Dutch Authorities Arrested The Alleged Tornado Cash Developer?

The plot thickens. Did the supposed Tornado Cash developer arrested in The Netherlands have ties to a Russian security agency? Is a job in 2017 for a company with tenuous connections to Russia enough to justify the arrest? As Bitcoinist told you and...

Aug 24 2022

The EFF Calls Out OFAC, Ratifies Code Is Speech, Asks For Developers Protection

Does the OFAC not know that code is speech? Yesterday, we covered the EFF’s demands for clarity around the Tornado Cash situation and the case they’re defending. Today, we’ll dig into a simple idea, the reason code is protected under free speech laws. As it has for decades in the US. As a bonus, we’ll add the reasons developers need to know that...

Aug 23 2022

The EFF Calls Out OFAC, Asks For Clarity Around The Tornado Cash Situation

It’s time for the EFF to speak out on the Tornado Cash situation. The OFAC sanctioning a smart contract might’ve been going a step too far, they stepped into the Electronic Frontier Foundation’s turf. We could summarize the EFF’s case with this sentence: “for decades, U.S. courts have recognized that code is speech.” It’s as simple as that, but the government and the...

Aug 19 2022

Now That Authorities Have Shut Down Tornado Cash, Is Bitcoin Next?

Crypto privacy advocates were appalled when U.S. authorities sanctioned and shut down Tornado Cash. Could Bitcoin survive a similar attack?Despite being an automated, decentralized version of a typical cryptocurrency mixer, Tornado Cash was sanctioned by the U.S. government last week as the Treasury Department’s Office of Foreign Assets...

Is TRM Labs Blocking Addresses From DeFi Protocols? Ari Redbord Says No – Ep.387

Aug 19 2022 Published at Unchained Podcast under tags  2022 ari redbord cftc laura shin ofac

Ari Redbord, Head of Legal and Government Affairs at TRM Labs, talks about the sanctions on Tornado Cash, and the role of blockchain analytics tools in crypto. Show highlights: Ari’s background as a federal prosecutor and his work for the US Treasury why regulators sanctioned Tornado Cash, according to Ari why the Ronin hack was important for regulators to start taking DeFi hacks...

Aug 18 2022

Vitalik Buterin’s Take On Possible Ethereum Censorship By OFAC

Aug 18 2022 Published at Bitcoinist.com under tags  aave balancer ethereum ethusdt ofac

Vitalik Buterin, the co-founder of Ethereum, frowns deeply on the possibility of Ethereum censorship by the US Treasury Department's Office of Foreign Assets Control (OFAC). He maintained that such an action amounts to an attack on the network. Hence, it could bring results in different dimensions. Buterin disclosed his stance concerning this in a tweet. He mentioned that he voted for burning the...

The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash? – Ep. 386

Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news in the digital asset industry. In this episode, Laura Shin, host of Unchained and author of The Cryptopians, also joined the conversation. Show topics: What Tornado Cash is and why it got sanctioned by the OFAC The difference between Tornado Cash and...

Aug 12 2022

Tornado Cash Sanctioned. Did the Government Overstep Its Bounds? – Ep. 384

Jerry Brito, executive director of Coin Center, talks about Tornado Cash, why it was sanctioned, and what this means for privacy in crypto. Show highlights: what Blender.io is and how it relates to Tornado Cash how hackers have used Tornado Cash to launder money whether the Office of Foreign Assets Control made a mistake, according to Jerry how...

Aug 09 2022

The United States Blacklisted Tornado Cash, the Crypto Industry Reacts

The United States sanctioned the infamous coin mixing service, Tornado Cash (website is currently offline). In May the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) took actions against Blender.

Blender was used by the Democratic People’s Republic of Korea (DPRK) for

May 17 2022

US Justice Department Executes First Criminal Crypto Charge

The US Justice Department has laid an iron hand on an undisclosed American citizen who has sent roughly $10 million worth of digital coins to a location sanctioned by the Office of Foreign Assets Control (OFAC). The defendant has allegedly transferred cryptocurrencies to a country that is currently under US sanctions such as Russia, Cuba, Syria, and North Korea; among others....

Mar 22 2022

FinCEN Warns Russia Not To Use Cryptocurrency To Evade Sanctions

Mar 22 2022 Published at Bitcoinist.com under tags  crypto news fincen joe biden ofac swift

The FinCEN, an agency of the US treasury department, has informed all financial institutions that Russia may likely consider using cryptocurrency to evade sanctions associated with its military activities in Ukraine. The current director of FinCEN, Him Das, explained that proactive reporting of wary actions is part of the United States’ efforts to support Ukraine in the ongoing war. On Monday, the FinCEN...

Mar 11 2022

Surveillance Firm Chainalysis Provides Free Tool To Detect Sanctioned Wallets

What is the Chainalysis oracle? A free tool that allows anyone to validate “if a cryptocurrency wallet address has been included in a sanctions designation.” Pretty handy, considering all the canceling and...

Mar 10 2022

Crypto Regulations Rock the Markets, Waves and Stellar Resist Liquidation

The article discusses the upcoming US and EU cryptocurrency regulations, Travel Rule ,Bitcoin, Monero and Waves. The scenario of sanctioning cryptocurrencies in Russia is also discussed.

Sep 23 2021

Binance Teamed Up With US Law Enforcement, Took Down Suspected Money Launderers

The story Binance is trying to sell sure is juicy. A little too convenient, considering the year the company’s had, but hey… Binance is be facing criminal investigations in the US, the UK, and Japan among others. This time, however, they proved that they want to “be the industry leader” and not just the world’s biggest crypto exchange....

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