Crypto Flipsider News — Tornado Cash Sanction; Bitcoin Tops $24k; CEL Rallies 110%; Galaxy Q2 Loss; China Account Closures
Read in the Digest:
U.S. Treasury sanctions Tornado Cash, Circle freezes addresses linked
Bitcoin briefly tops 24%, BTC & ETH derivative trading regains traction
Bankrupt Celsius Network token, CEL, Rallies 110% in 30 days, Here’s Why
Crypto Investment Firm Galaxy Digital Lost $554.7M in the Second Quarter
China Shuts Down 12,000 Crypto-Related Accounts Over Publicity Stunts
U.S. Treasury Sanctions Tornado Cash, Circle Freezes Addresses Linked
Tornado Cash, the popular decentralized application used to mix crypto to cover a trail of blockchain transactions, has been sanctioned by the U.S. Treasury Department for allegedly helping hackers launder proceeds from their cyber crimes.
According to the Treasury, Tornado Cash has been used to launder over $7 billion in crypto since its creation in 2019. The Treasury highlights North Korean hackers’ use of Tornado Cash in laundering funds from recent bridge attacks on Harmony and Nomad.
Following the sanction, Circle, the issuer of the USDC stablecoin, has blacklisted smart contract addresses linked to Tornado Cash. Blacklisted addresses can no longer receive USDC, and all USDC on those addresses cannot be transferred on-chain.
At this time, over 75,000 USDC worth of funds linked to the 44 Tornado Cash addresses has been frozen by Circle. The sanction imposes fines of $50,000 to $10,000,000 and 10 to 30 years imprisonment as penalties for American users who interact with Tornado cash.
Flipsider:
After the sanction on Tornado Cash, its co-founder Roman Semenov complained that his Github account was also suspended.
Why You Should Care
The sanction is a move from the U.S.
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Source: #Dailycoincom
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