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- FTX started to ban the users for using the Aztec network.
- Aztec Network posted that privacy is their top concern.
- Zac Wiliamson, CEO of the organization, backed the network.
Privacy is Primary for Aztec
Ethereum-based privacy network Aztec has finally responded to the FTX’s freezing of customer accounts. The response comes as the users were complaining about the freezing of accounts who are utilizing Aztec services. The team took it to Twitter to ensure the users that they are aware of the situation and working on it. The post also claimed that privacy is their top concern.
Another Twitter account posted that the SBF-backed cryptocurrency exchange has put a halt on one of their users trying to transfer funds to an Aztec address. He claimed that FTX is trying to recommend not using this network. The warning came after the governmental ban on Tornado Cash, an ethereum mixing service.
The US treasury department implemented sanctions on the protocol and services linked to Tornado Cash the previous week. The ban led some companies operating in the crypto industry to distance themselves from protocols that created complications in tracing the fund sources.
Zac Williamson BacksAztec
Recently, Aztec CEO Zac Williamson backed the network by claiming that banning Tornado Cash is a wrong move by the authorities. He issued a Twitter thread explaining his thoughts on the future of privacy networks. The individual said that hackers from around the globe will utilize networks like Tornado Cash or something similar under this sanctions regime.
Zac further categorized the future of privacy networks in four elements: Open and programmable, user-side compliance, completely decentralized, and private by default. He thinks that there is some space for regulation in the so-called Web3, the evolution of the internet.
The CEO further explained that ‘programmable privacy will create several opportunities for cryptocurrencies, compliant networks will comply with the spirit of persisting regulations but require regulatory changes for compliance of letter and dark networks will not fall under any compliance developed on protocol level.
He said that ‘Web3 is not at the network level, but on the application level instead; the organizations and entities foraying into this space to offer services to businesses and services. For instance, hosted wallets and digital assets on/off ramps.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
