9621 Agnes Crossing, Lake Suzanneview, New Mexico Island 84604-9295.
Tether, which issues the USDT stablecoin, has refused to freeze addresses associated with its Tornado Cash transaction mixing service without proper requests from law enforcement. Tether Remains Resolute
Tether, which issues the USDT stablecoin, has refused to freeze addresses associated with its Tornado Cash transaction mixing service without proper requests from law enforcement.
Tether Remains Resolute in Its Decision Not to Freeze Tornado Cash Addresses, Awaits Safety Order https://t.co/zpsI9lKLlf
— Tether (@tether_to) August 24, 2022
“For now OFAC It did not specify that the issuer should freeze secondary market addresses published on the SDN list or operated by individuals and entities subject to OFAC sanctions. Also, despite our close contacts, no law enforcement or US regulator has made such a request.”
According to a press release, the company views blocking addresses unilaterally as a “reckless and destructive” measure. According to experts, such actions can negatively affect law enforcement investigations.
Tether criticized the company behind the USDC stablecoin Circle, which blacklisted addresses associated with the mixing service:
“We think the measures Circle has taken without instructions from the authorities are premature. They can jeopardize the work of regulators and law enforcement.”
Unstoppable Finance development manager Patrick Hansen emphasized that despite its location, Tether actively blocks addresses on the Ethereum network. By this indicator, the company is almost ten times ahead of the USDC issuer.
USDT bans almost 10x more addresses on Ethereum than USDC pic.twitter.com/g4sn1XwkQX
– Patrick Hansen (@paddy_hansen) August 24, 2022
Infura and Alchemy infrastructure platforms blocked RPC requests to Tornado Cash. The exchange Uniswap, which was not detained, also closed access to its platform for a number of related addresses. Similar measures have been taken DEX dYdX.
On August 8, 2022, OFAC approved the Tornado Cash website and its associated 39 Ethereum and 6 USDC addresses.
On August 12, Dutch authorities arrested an unnamed man on suspicion of money laundering and concealing criminal financial flows through a cryptocurrency mixer. Later it turned out that we are talking about the developer of the Alexey Pertsev service.
On 22 August, a rally was held in Amsterdam with his support. The participants stated that open source is not a crime and that the authorities should prosecute the real perpetrators.
Jess Powell, CEO of Kraken cryptocurrency exchange, called the sanctions against Tornado Cash unconstitutional, and TRM Labs analysts called it a compliance issue. Pertsev was also supported by Cardano founder Charles Hoskinson.
Recall, on August 24, it was learned that the Dutch court detained Pertsev and set a 90-day period for the first hearing of the case.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
