Yesterday, the US treasury sanctioned the digital currency mixer, Tornado Cash, for alleged money laundering worth billions. In a statement, the office of Foreign Assets Control accused Tornado Cash of laundering money from cyber crimes. According to them, the company also allowed the activities of a US-sanctioned crypto hacking group.
It was also revealed that Tornado Cash GitHub accounts and the entire codebase have been removed.
However, it appears that the blockchain community is quickly uniting against the ban. An alternate website, with continued access to Tornado Cash, has already been developed.
Blockchain Community Unites Against The Ban
Patrick Collins, a major blockchain influencer and developer advocate for Chainlink, has called the move to sanction Tornado Cash a wrong one. According to him, privacy preservation is a big part of the fight against any hacker group. By banning the company, the US Treasury is playing into the hands of the hackers.
There is also the issue of whether or not the company itself was aiding in money laundering. Jerry Brito, the executive director of Coin Center, states that Tornado is a neutral company. According to him, every technology, just like the internet, can have good and bad uses.
Jake Chervinsky, the head of policy of the Blockchain Association, has also called into question the actions of the US Treasury. According to him, the move crosses a line that the US has always abided to as a matter of good policy.
Collins also reveals that Tornado Cash had many good uses, including hiding the deployment address of smart contracts. To him, code is speech, and removing the entire codebase is a matter of first amendment violation.
How To Still Use Tornado Cash
Patrick Collins reveals that many developers are already preparing a plan of defense against the ban. They have also developed a website with an obscure link to continue to access the sanctioned website.
A search of the string “bafybeicu2anhh7cxbeeakzqjfy3pisok2nakyiemm3jxd66ng35ib6y5ri” takes the users to the website where they can still access Tornado Cash.
The post Breaking: Blockchain Devs Build Alternate Website To Counter U.S. Ban appeared first on cryptotimes24.com.
