Crypto News: Tornado Cash Reveals Using Chainalysis Oracle Contract

Crypto News – Tornado Cash, popular Ethereum mixer, has announced working with the blockchain intelligence firm, Chainalysis.

iexclusivenews reports that the integration follows sanctions implemented by Western countries to hurt Russia’s economy.

And punish President Vladimir Putin, high-ranking officials, and those who have benefitted from his rule.

This online news outlet understands that the measure intends to prevent sanctioned addresses. from using the decentralized application by the US financial intelligence and enforcement agency. The Office of Foreign Assets Control (OFAC), according to the official tweet. A list of sanctioned crypto wallets can be found on the OFAC website.

Tornado Cash uses @chainalysis oracle contract to block OFAC sanctioned addresses from accessing the dapp.
Maintaining financial privacy is essential to preserving our freedom, however, it should not come at the cost of non-compliance.https://t.co/tzZe7bVjZt

— 🌪️ Tornado.cash 🌪️ (@TornadoCash) April 15, 2022

Meanwhile iexclusivenews Nigeria reports that Tornado Cash maintains that financial privacy is paramount. It also recognizes that it should not be at the expense of non-compliance.

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What You Need To Know

The protocol’s creator, Roman Semenov, explained that the changes only affect the front-end, not the smart contracts. “Smart contracts are immutable,” the executive stated.

After Semenov stated that imposing sanctions on decentralized protocols is “technically unfeasible.” A front-end blockage demonstrates a halfway restriction.

Tornado Cash, which is known for obscuring the money trail. Is one of the few protocols to have become an Ethereum mainstay. Since its launch nearly two years ago.

The poor press around the procedure, on the other hand, is nothing new; it has been viewed with skepticism from its inception.

iexclusivenews reports that its link to the previously unreported $655 billion security breach on blockchain bridge Ronin Network. In which the exploiter allegedly relocated the stolen Ether (ETH) stockpile via privacy protocol, does not assist its cause.

Jonathan Levin, co-founder of Chainalysis, recently testified before the US Senate. Revealing that the firm had uncovered no serious evidence of Russians circumventing sanctions by utilizing cryptocurrencies.