The U.S Government has slammed the crypto community with ‘Tornado Cash’ takedown. Leaders have slammed the tyranny of the US government slamming Tornado Cash. The news headline is making a stir in the US crypto community.
US Government takes down ‘Tornado Cash’
What is Tornado Cash? Tornado Cash makes transactions untraceable. It gathers a large number of transactions from various pools and mixes them vigorously. This makes the transaction secretive and keeps it from the eyes of the financial bodies.
Preston Van Loon, Core Engineer at Ethereum made a statement condemning the action. He said, “ I don’t think it was acceptable at all, For both good and bad Tornado Cash is just a tool like any other”. Later to this Roman Semenov, Founder at Tornado Cash tweeted talking about his GitHub account suspension.
Semenov’s GitHub account was suspended on August 9, 2022, followed by the federal government’s blacklist statement. He also mentioned that Tornado Cash was built on top of GitHub, a code hosting service.
Surveillance of Everything, Control of Everyone
Just a few minutes before the tweet from Semenov, Eric Voorhees also posted a tweet criticizing the Tyranny of the US Government. He criticized saying, “ Surveillance of everything, control of everyone”. That is what makes the United States an exceptional country.
According to the Treasury Department the Tornado Cash service is used by the bad actors in crypto space. But, some experts are questioning the authorities contradicting the points. A cryptographer and a professor from the John Hopkins University also commented on the same. There are possibilities where users can create an instance of Tornado or something similar. In such a game the treasury has to approve new addresses.
The US Government has surely slammed citizens of the country, specifically the ones dealing in the crypto market. But the big question is, is barring people from using Tornado Cash the right approach? Can bad actors in the industry not create something similar? With an absolute growth in Ethereum, regulatory compliances have to get stronger. Because more the regulatory compliances more will be the bad actors doing their task.
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