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Coinbase Funds Lawsuit Against US Treasury For Tornado Cash Sanctions

Coinbase Funds Lawsuit Against US Treasury For Tornado Cash Sanctions


Cryptoknowmics
2022-09-09 07:39:48
Coinbase Funds Lawsuit Against US Treasury For Tornado Cash Sanctions

Users of the freshly sanctioned cryptocurrency mixer, Tornado Cash, filed a lawsuit against the Treasury Department on Thursday, and Coinbase is paying for it. Employees of Coinbase and other customers of the mixing service that got shut down by the Office of Foreign Assets Control (OFAC) of the Treasury in August are among the six plaintiffs. The lawsuit’s justifications and the need for privacy in cryptocurrencies got mentioned by Coinbase CEO and Co-Founder Brian Armstrong in the company’s official blog. “We have no issue with the Treasury sanctioning bad actors, and we take a hard stance against unlawful behaviour,” He further added, “But in this case, Treasury went much further and took the unprecedented step of sanctioning an entire technology instead of specific individuals.” 1/ Coinbase is funding a lawsuit brought by six individuals challenging the Treasury's sanction of the Tornado Cash smart contracts. https://t.co/DkMHtyt0zR — Brian Armstrong (@brian_armstrong) September 8, 2022 Lawsuit Against US Treasury Tornado Cash and other mixing services disguise anonymous but easily trackable cryptographic transactions. The Treasury Department claimed that North Korean hackers and other criminal actors had utilized this business to launder more than $7 billion in digital currency over the last three years. But occasionally, valid privacy concerns lead people to employ mixing services. To protect his address from Russian hac...

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