Tornado Cash Sanctioned, CertiK KYC Joins Privacy Battle

CertiK

特邀专栏作者

2022-08-23 08:36

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Sanctions come too fast like a tornado.

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Sanctions come too fast like a tornado.

Just last week, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced it would place Ethereum addresses associated with Tornado Cash on its list of sanctioned entities.

This fully demonstrates that the impact of regulation has begun to spread to the entire Web3.0 industry, further emphasizing the need for security in Web3.0.

At the same time, the CertiK KYC project background investigation service officially launched related services - screening and monitoring all relatedTornado Cashfirst level title

Tornado Cash Sanctioned

On August 8, 2022, OFAC announced that it would include Tornado Cash, a centralized encrypted asset mixing service, on the sanctions list, including 44 Tornado Cash Ethereum wallet addresses.

Full list: https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20220808

OFAC, the Office of Foreign Assets Control of the US Department of the Treasury, is a government agency under the US Department of the Treasury, responsible for managing and implementing all economic and foreign policy based on US national security and foreign policy. trade sanctions.

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What does this mean for crypto investors?

Currently, any entity or individual in the United States will not be allowed to conduct economic and trade transactions with Tornado Cash and its related wallets and smart contracts. Violations could result in a fine of up to $330,947 and up to 30 years in prison.

With the increasing participation of the Web3.0 industry, the highest level of security practices has become the industry's most important pursuit.

CertiK KYC project background investigation service

KYC project background investigation serviceKYC project background investigation servicePerformed by experienced investigators and intelligence analysts, there is no doubt about their professionalism and trustworthiness.

With the further compliance of Web3.0 in the future, KYC will be essential. CertiK KYC project background investigation service provides the highest level of due diligence in the industry, and can conduct detailed investigations on the encryption project team and all related wallets.

The KYC service also provides on-chain investigations to monitor malicious or suspicious transactions, and will also monitor and analyze all wallets interacting with Tornado Cash in accordance with the latest OFAC regulations.

The CertiK expert team will analyze and identify suspicious wallets and transactions at specific stages of on-chain investigation through professional due diligence.

It is foreseeable that there will be longer OFAC and other "sanction lists" in the future, and CertiK KYC will become an integral part of ensuring transparency and security in the encryption field.

Treasury Undersecretary for Terrorism and Financial Intelligence Brian E. Nelson said the Treasury Department will continue to take aggressive action to crack down on criminals and the encryption service providers that facilitate their money laundering.

The announcement means that the regulatory battle for Web 3.0 has begun. CertiK will also continue to further optimize relevant security tools and incorporate them into KYC services to better promote industry compliance.

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