Tornado Cash got sanctions on its operations after the US Treasury Department found the involvement of bad actors in accessing its services. A total of six individuals have taken up the responsibility to fight the lawsuit as it targets the technology in its entirety instead of going after bad actors and/or the properties owned by them.
Brian Armstrong, the Chief Executive Officer of Coinbase, wrote a note to publish an official blog post and clear the air around the announcement.
Coinbase does everything to support the government and regulators in making the crypto space safe. Both are in opposite directions at the moment, as the Treasury’s Office of Foreign Assets Control has chosen to sanction Tornado Cash.
Coinbase is an exchange platform with services dedicatedly allowing users to trade cryptocurrencies daily. Over 56 million verified users have created their accounts on Coinbase and are actively availing of its services.
Founded in 2012, Coinbase has its headquarters in San Francisco, California. 100+ cryptocurrencies are listed on the platform, and more than 100 trading pairs are available for traders to trade.
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What sets Coinbase apart from its competitors is its mobile wallet which enables traders to store their digital holdings safely. Coinbase also offers a prepaid credit card known as a Coinbase Card. Traders can use it to buy cryptocurrencies efficiently and spend them where relevant. Read our Coinbase review to know about more features of the crypto exchange platform.
Tornado Cash’s open-source technology is accessed by millions of people seeking to protect their privacy. Tornado Cash smart contract is a code that no one controls. It can be accessed by anyone looking to send assets from their account and withdraw them from another account.
The technology has so far helped many people who never wanted to have the limelight on them while donating funds to Ukraine. Moreover, it has been a regular gateway for crypto holders who do not wish to share their financials with the public. OFAC going after the technology is the first instance, which has never happened before.
Earlier, when bad actors were identified, OFAC had sanctioned the North Korean Lazarus Group and eight ETH addresses linked to the case.
Adding Tornado Cash to the Specially Designated Nationals & Blocked Persons List (SDN) is unfair to the technology and the people who can no longer access the service due to sanctions.
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It must be noted that Coinbase is not going against any authority by funding the lawsuit. Coinbase remains committed to combating illicit activities by regularly partnering with law enforcement & regulators. The platform has come out in support of OFAC by applauding its initiatives in favor of national security.
Tornado Cash, for one, does not deserve to be sanctioned as bad actors and/or their properties are the key elements that need to be chased.
