A Controversial Product Launched by Ethereum Firm

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Umme Haani
Umme Haani is a writer for Thecoinrepublic. she contributes a researched piece on cryptocurrencies and updates. Umme is an aspiring engineer who immensely enjoys writing and technical writing brings the best of both worlds under one roof for her.

SHORT INSIGHTS 

  • Etherscan on April 14 tweeted that it now supports ETHProtect to launch supervision on illegal activities. 
  • Hasu, a crypto researcher, referred the whole concept of taint to be a fiction.
  • The release of ETHProtect was followed with the world’s governments pledge to admonish cryptocurrency crimes in several ways.

Crypto community from the beginning has made privacy and security their priority. Heck, Satoshi Nakamoto is the developer of the first cryptocurrency. He has done everything in his power to secure his identity. Even now, few of the crypto members don’t share their real identity.

Ethereum Block Explorer’s Product Launch 

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Etherscan.io, a leading block explorer for Ethereum information released a product to the service providers. This was to track any association with the criminal activities. However, the majority of the crypto community was not satisfied. 

Etherscan on April 14 tweeted that it now supports a feature called ETHProtect. This feature is for the monitoring of illegal transactions and suspicious addresses.

Their main objective is to identify taint, or coins earned through illegal sources. The Ethereum block Explorer referred to the tainted funds as those that are from exchange hacks, scams and corrupt activities.

Crypto community reacts Sceptically 

Since the product was launched, the cryptocurrency community have had their doubts. 

Matt Odell, a well-known Bitcoin podcaster, answered the announcement of this product with doubtfulness through an image. 

On the other hand, Hasu also elucidated that the product is setting a terrible precedent. He further referred the whole concept of taint to be a fiction. Adding that this fiction must not be brought into Ethereum users and other cryptocurrencies as well. Hasu is an independent crypto researcher who works closely with Su Zhu of Three Arrows Capital. 

All those who thought the same as Hasu in the Bitcoin space liked and shared Hasu’s comment. Hence through this, it became obvious that many believe that it is not right to flag coins. The reason is their affiliation with a certain other address or transaction.

The release of ETHProtect was followed with the world’s governments pledge to admonish cryptocurrency crimes in several ways. 

The White House Budget Proposal 

In the start of this year, the White House budget proposal for the financial year of 2021 suggested the return of the United States Secret Service. This is considered the actual enforcement of many financial crimes in America. 

The budget proposal further suggests that this initiative will create room for new efficiencies. Efficiencies in how the Service performs investigations with potential criminal acts that are enabled by digital assets. Therefore, it will let the country be well prepared to face the threats of the future.

Steven Mnuchin, the Secretary of the U.S. Treasury, following the proposal of this budget, stated that the Treasury will soon ascend new significant requirements. This is for the cryptocurrencies and their service providers respectively.

South Korea released a legal framework recently. This is for the regulation of the industry. Meanwhile the E.U. has also ascended new AML requirements for service providers in the crypto.

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