FFATH 🌪️ Tornado Cash Full Story 🚀 BlackRock ⚖️ EU NFT Regulation

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Far From All Time High (FFATH)

Aug 15, 2022

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Headlines

🚀 BlackRock launches spot Bitcoin private trust after Coinbase partnership

⚖️ Uzbekistan blocks foreign crypto exchanges including Binance and FTX

⚖️ NFT will be regulated like cryptocurrencies under EU’s MiCA Law

📺 Netflix Builds ‘Gray Man’ metaverse experience in decentraland

👉 Lido offers Staked Ether on Loopring and other Layer 2

📱 Samsung partners with Theta Labs

👉 Nvidia ups its metaverse bet with new tools for developers

👉 South Korean web 2 metaverse platform Zepeto gets a web3 makeover

🎮 Paris Hilton x The Sandbox

🏓 Table tennis goes crypto

⚽ Real Madrid and Barcelona united to jump into crypto and metaverse

👉 Reddit is launching its community points system on chain

💎 Tiffany sells out all 250 'NFTiffs' for $12 500 000

🎒 Nas Academy to launch token-gated web3 courses

Featured Story

🌪️ US Treasury Blacklists Tornado Cash - What Does This Mean For The Future

👎 As everyone already knows crime is bad. It’s one of the jobs of governments to make sure everyone plays fair. Recently, the US Treasury blacklisted Tornado Cash, a crypto-mixing service designed to obfuscate identities and the sources of funds. According to the Treasury Department, Tornado Cash has been a critical tool used by a North Korean hacking group known by many cool names. Lazarus Group, Guardians of Peace, Whois Team, and my personal favorite; Hidden Cobra.

🦅 In order to disrupt their nefarious activities, the United States has done what it can to cease the tools these hackers use to transfer capital. User’s of Tornado Cash living in the United States may now find themselves in a bit a pickle.

👮 Part and parcel to this, the Fiscal Information and Investigation Service of the Netherlands arrested the 29 year-old developer of Tornado Cash who wrote code to keep users’ identities private.

🥶 Furthermore, Circle froze 75,000 USDC belonging to unsuspecting Tornado users. Following this decision several actors of the ecosystem have restricted their user interface to the addresses affected Tornado Cash ban; Infura, Alchemy, AAVE, DYDX, Balancer, Uniswap, Oasis. TornadoCash Github accounts and codebase have been entirely removed.

People can still send their tainted ETH to Maker DAO, in order to mint DAI and avoid US sanctions. So now Maker DAO is considering to shut down. The loss of an actor like Maker DAO would be terrible for the entire ecosystem. And they already know that they will have to remove USDC from their collaterals in order to remain decentralized.

🕵️ But there are legitimate reasons to keep transactions private. Vitalik Buterin said the need for privacy from Russia’s government led him to use Tornado Cash to donate to the Ukraine.

In what seems like an act of protest, an anonymous Tornado user has been sending small amounts of Ether to the publicly known crypto addresses of Logan Paul, Randi Zuckerberg, Jimmy Fallon, Steve Aoki and others like Justin Sun who could not access AAVE anymore.