Crypto data aggregator Dune Analytics says USD Coin issuer Circle ( USDC ) cansuspendOver 75,000 USDC funds linked to 44 Tornado Cash addresses atboycottedBy the US Office of Foreign Assets Control’s Specially Designated Nationals and Blocked Person List (SDN).
Tornado Cash is a decentralized application or DApp used to conceal the path of transactions. Previous cryptocurrency on the Ethereum blockchain
All U.S. individuals and entities The use of the USDC and Ethereum smart contract addresses of the SDN-listed transaction concealment service is prohibited. Penalties for non-compliance can range from a fine of $50,000 to $10,000,000 and 10 to 30 years of imprisonment. haveEstimated Property The $437 million, comprising stablecoin, Ethereum and wrapped Bitcoin (WBTC), is stored in the Tornado Cash smart contract address, and consequently requires issuers to take steps to prevent such transactions or redemptions.
Both the entities behind USDC and Tether can suspend their stablecoin transfers to and from the Ethereum smart contract-level Tornado Cash, while BitGo is theoretically required to limit access to Tornado Cash to comply. Such sanctions One possible way is to suspend WBTC redemptions linked to Tornado Cash.
BowTiedIguana, an alias DeFi user, said the new Tornado Cash sanctions are in effect across the board for individuals and entities in the United States.United States of America Simple interactions such as donating Gitcoin, working on a project, using or downloading software, visiting a website, and depositing/withdrawing from smart contracts could be construed as a violation.
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