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TRM Labs describes sanctions against Tornado Cash as a challenge for compliance

Sanctions against the Tornado Cash mixer pose regulatory challenges, especially in the case of “dust attacks”. This was stated at analytics firm TRM Labs.

The company offers compliance services OFAC and anti-money laundering laws for Uniswap, Aave, Circle and other companies.

The service allows you to exclude interaction with laundered funds and unscrupulous participants, helping to track addresses and classify them by level of risk.

The product also evaluates whether it is available at: SDN. In the latter case, TRM Labs provides data on whether the wallet is sanctioned and whether it has a direct or indirect link with these addresses.

TRM Labs stressed that the sanctions against Tornado Cash created uncertainty about their implementation. For the first time, OFAC has allowed a series of smart contracts instead of regular wallets. With the help of the latter, as a rule, it is easy to track completed transactions, but in the case of smart contracts this will become difficult.

“The complexity is created by the fact that almost everyone who deposits money in Tornado Cash interacts with the smart contracts of the mixing service. Theoretically, one could send money to Tornado Cash and then transfer them to an address belonging to a random, unsuspecting person.” – disclosed in the company.

Actually, it already happened. The day after the sanction actions, one of the mixer users sent 0.1 ETH to popular industry representatives.

Buyers included Coinbase CEO Brian Armstrong, EthHub co-founder Anthony Sassano, Loomdart crypto trader, TV host Jimmy Fallon, YouTube blogger Logan Paul and Meta CEO Randy Zuckerberg and Tron Foundation founder Justin Sun. The latter’s wallet was briefly blocked on Aave, citing process automation.

Some community members defaultHe said that such a “distribution” of 0.1 ETH is a form of protest against OFAC’s actions.

TRM Labs explained that during “dust attacks” blockchain firms cannot reject transactions without any direction from regulatory authorities. Compliance services will be forced to analyze transmissions for compliance with requirements in each case.

Recall that the decentralized derivatives exchange dYdX previously blocked the accounts of users who interacted with the mixer. The platform acknowledged that the sudden flood of locks affected “many users” who were often unaware of the source of their funds and did not directly use the mixer.

On August 16, Coin Center announced its intention to challenge US sanctions against Tornado Cash, and the Ethereum community proposed a soft fork against OFAC.

Read what Tornado Cash is and how it works on ForkLog training cards.

Read ForkLog bitcoin news in our Telegram – cryptocurrency news, courses and analysis.

Source: Fork Log



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