The U.S. Treasury Department published on September 13 a guide that outlines the steps citizens must follow to withdraw funds from Tornado Cash.
The U.S. Treasury Department shut down Tornado Cash, a mixed service that was launched on August 8. Investigations revealed that Tornado Cash was being used to launder money through its transaction obfuscation capabilities.
To withdraw funds, users must apply for a license
According to the Treasury Department’s guidelines U.S. users must apply for a specific license at OFAC in order withdraw funds that were deposited on Tornado Cash prior August 8.
Users will be required to provide “at least” information regarding their transactions, including wallet addresses for both the beneficiary and sender.
OFAC reiterated its sanctions against Tornado Cash and stated that the “U.S. The ban on transactions involving Tornado cash is still in effect. Therefore, the use of the platform will be considered an offense to “U.S. sanctions prohibitions.”
OFAC states that citizens can use Tornado Cash’s open-source code without violating any government sanctions. This will end weeks of speculation about the extent of the sanctions and how they interact with free speech.
“U.S. U.S. sanctions regulations would not prohibit anyone from copying and making the open-source source code available online for other people to view.
Tornado Cash tweeted that all GitHub accounts of the organization and its contributors had been banned. Johns Hopkins however kept a fork on GitHub for research and teaching purposes.
Here is the complete list of Tornado Cash resources which were banned
– Tornado Cash @GitHub organization – personal @GitHub accounts of TC contributors – all $USDC on Tornado Cash contracts @circlepay – @infura_io RPC – @AlchemyPlatform RPC – https://t.co/SHvgEjTOMV domain @eth_limo
(@TornadoCash) August 9, 2022
CryptoPotato reported that Alexey Pertsev was arrested as one of the Tornado Cash developers. He was later denied bail. This outrage sparked anger in the crypto community so much that Coinbase, the largest U.S. cryptocurrency exchange, paid a class-action lawsuit against the Treasury Department in order to protect users who were affected.
Paul Grewal and Vitalik Buterin, Coinbase’s chief lawyer, claimed they used Tornado Cash due to its anonymity in making transactions. They claimed that this platform allowed them to make donations to Ukraine, without falling prey to Russian hackers or their government.
CryptoPotato’s first post, US Treasury Department: Users will need a license to withdraw funds from Tornado Cash appeared on CryptoPotato.
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