Yesterday, the US treasury sanctioned the digital currency mixer, Tornado Cash, for alleged money laundering worth billions. In a statement, the office of Foreign Assets Control accused Tornado Cash of laundering money from cyber crimes. According to them, the company also allowed the activities of a US-sanctioned crypto hacking group.
It was also revealed that Tornado Cash GitHub accounts and the entire codebase have been removed.
However, it appears that the blockchain community is quickly uniting against the ban. An alternate website, with continued access to Tornado Cash, has already been developed.
Blockchain Community Unites Against The Ban
Patrick Collins, a major blockchain influencer and developer advocate for Chainlink, has called the move to sanction Tornado Cash a wrong one. According to him, privacy preservation is a big part of the fight against any hacker group. By banning the company, the US Treasury is playing into the hands of the hackers.
There is also the issue of whether or not the company itself was aiding in money laundering. Jerry Brito, the executive director of Coin Center, states that Tornado is a neutral company. According to him, every technology, just like the internet, can have good and bad uses.
