Authorities from the US and UK are reportedly investigating $20 billion worth of crypto assets sent to a Russian crypto exchange platform. According to a new report by Bloomberg, anonymous sources familiar with the incident say that officials from the US and UK are looking into the matter as part of a crackdown effort against […]
The post Officials From the US and UK Investigate Crypto Transfers to Russian Exchange Valued at $20,000,000,000: Report appeared first on The Daily Hodl.
The US Government has named entities and individuals allegedly responsible for providing crypto products and services that aided in the evasion of sanctions on Russia. The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) says that it has “sanctioned thirteen entities and two individuals for operating in the financial services and technology […]
The post U.S. Treasury Department Targets 13 Russian Firms Allegedly Offering Crypto-Related Services To Avoid Sanctions appeared first on The Daily Hodl.
An Ethereum (ETH)-based gaming altcoin is skyrocketing after being abruptly listed by Coinbase, the top US-based crypto exchange platform by volume. In a new announcement, Coinbase says that starting on March 21st, it will be adding support for Ronin (RON), a protocol developed by play-to-earn blockchain game developer Sky Mavis, the same team that created […]
The post Ethereum-Based Gaming Altcoin Leaps After Coinbase Listing Announcement appeared first on The Daily Hodl.
The US government is sanctioning the crypto wallets believed to belong to two Russian nationals linked to the ransomware group LockBit. In a statement, the Treasury Department’s Office of Foreign Assets Control (OFAC) says that it has sanctioned several Bitcoin (BTC) and Ethereum (ETH) wallets linked to the group. According to a press release, the […]
The post US Government Sanctions Two Russian Nationals’ Crypto Wallets Related to Ransomeware Group LockBit appeared first on The Daily Hodl.
New data from blockchain intelligence firm TRM Labs reveals that North Korean hackers stole over half a billion dollars worth of digital assets in 2023. According to a new study by the crypto analytics platform, hackers associated with the Democratic People’s Republic of North Korea (DPRK) looted $600 million worth of crypto assets last year. […]
The post North Korean Hackers Stole Over $600,000,000 Worth of Crypto in 2023, According to Blockchain Analytics Firm appeared first on The Daily Hodl.
Stablecoin issuer Tether (USDT) is preparing to give the Federal Bureau of Investigation (FBI) access to its platform soon after onboarding the U.S. Secret Service. In a new letter addressed to Senator Cynthia Lummis and Representative James French Hill, Tether chief executive Paolo Ardoino says that the crypto firm is onboarding law enforcement agencies as […]
The post Tether Preparing To Give FBI Access to Firm’s Platform After Onboarding U.S. Secret Service: CEO Paolo Ardoino appeared first on The Daily Hodl.
A Bloomberg analyst says that the U.S. Securities and Exchange Commission (SEC) is gearing up to approve all bids for a spot market Bitcoin (BTC) exchange-traded fund (ETF). In a lengthy thread on the social media platform X, James Seyffart says that the SEC making earlier-than-expected rulings on Franklin’s bids for a BTC ETF means […]
The post Bloomberg Analyst Says SEC Lining Up To Potentially Approve All Spot Bitcoin ETF Applications in January appeared first on The Daily Hodl.
The U.S. government is sanctioning another crypto mixing protocol, accusing it of aiding North Korea in laundering hundreds of millions of dollars worth of stolen digital assets. In a new press release, the U.S. Department of the Treasury says that its Office of Foreign Assets Control (OFAC) is sanctioning the crypto tumbler Sinbad for allegedly […]
The post U.S. Government Enacts Sanctions on Crypto Mixer Sinbad Under Allegations of Aiding North Korean Money Laundering appeared first on The Daily Hodl.
The crypto industry advocacy group has placed its support behind Coin Center and its lawsuit against the U.S. Treasury over its Tornado Cash sanctions.
The Blockchain Association and the DeFi Education Fund have become the latest industry advocates to file their support of Coin Center’s lawsuit against the United States Treasury over its “unlawful” sanctions against Tornado Cash.
On June 2, the two cryptocurrency industry advocacy groups filed a joint amicus brief in support of Coin Center, arguing that the U.S. sanctions against the crypto mixer should be dropped.
1/ Today, my colleagues and I at @BlockchainAssn and our partners at @fund_defi filed an amicus brief in support of @coincenter's lawsuit against OFAC fighting against sanctions of the Tornado Cash software protocol.
— Marisa Tashman Coppel (@MTCoppel) June 2, 2023
https://t.co/mSZW7nVDOb pic.twitter.com/Y4CxjJtBrq
They called the sanctions imposed by the Treasury’s Office of Foreign Assets Control (OFAC) “both unprecedented and unlawful,” and added:
“OFAC’s sanctions are unlawful. OFAC lacks statutory authority to sanction software like Tornado Cash, and regardless, its decision lacks any factual predicate that could render the sanctions lawful.”
The associations argued Tornado Cash is software and while OFAC has the legal authority to sanction people or property, it cannot sanction a decentralized protocol.
“The core Tornado Cash software is not and cannot be owned by anyone,” they argued, claiming that OFAC “conjured” up a “person” so it had a basis to sanction the crypto mixer.
5/ By sanctioning the Tornado Cash software protocol, OFAC infringes on the right to free speech and due process.
— Marisa Tashman Coppel (@MTCoppel) June 2, 2023
Americans who wish to engage in anonymous speech or association can no longer do so.
Nor did they have notice when they were blocked from accessing their assets.
The brief admitted there was malicious use of the protocol for money laundering, mostly by North Korean-affiliated hackers, but also pointed to the other less nefarious uses — namely to enhance privacy on the publicly viewable Ethereum blockchain.
The groups argued the sanctions should be declared unlawful and the enforcement of them should be legally prohibited by the courts.
Related: Tornado Cash governance control set to be restored as voters approve proposal
In April, the two groups similarly filed an amicus brief in support of a nearly identical lawsuit brought by six individuals against the Treasury Department over its Tornado Cash sanctions.
The lawsuit, filed in September, is backed by the crypto exchange Coinbase, which is similarly wanting to remove the ban on the mixer.
The Treasury, however, claimed such crypto mixers are a national security threat and Tornado Cash repeatedly failed to create controls to stop money laundering.
Magazine: $3.4B of Bitcoin in a popcorn tin — The Silk Road hacker’s story
