Coinbase joins the Tornado fight, Axie Infinity's stolen loot recovered.
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Unraveling...
The War Against Privacy and Code: Crypto Industry vs. U.S. Treasury?
The crypto industry has had its fair share of security issues relating to breaches, hacks, and theft of assets, resulting in huge funds siphoned by bad actors. One key tool these criminals use to achieve their purpose while covering their trail is open-source coin mixers.
The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) declared war on these tools by sanctioning cryptocurrency mixers Blender and Tornado Cash. The sanctions against Tornado Cash have not been received well by the crypto community as its viewed as a war against privacy and code.
Coinbase, America's largest crypto exchange, has joined the list of those supporting a legal lawsuit against the U.S. Treasury Department for sanctioning Tornado Cash.?
The U.S Treasury’s case against Tornado Cash
The treasury claims that Tornado cash was used for illegal laundering by North Korean hackers to launder over $3 billion in crypto transactions over the past three years.
The crypto industry’s take on using Tornado Cash
“Each is an American who simply wants to engage in entirely lawful activity in private”
Big names in the crypto industry voiced privacy and encouraging innovation as their reason for using Tornado Cash.
Coinbase will financially support an external lawsuit for the first time by paying for the plaintiffs’ lawyers and other costs associated with pursuing the claims in federal court.
See you in court!
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Latest on Recovered Crypto Loots…
Ronin Exploit: $30 million from Stolen Crypto Funds Recovered from North Korean Hackers By Chainalysis And U.S. Law Enforcement
Chainalysis, in collaboration with US law enforcement, has retrieved $30 million of the $600 million stolen?crypto funds linked to the North Korean hack on Axie Infinity’s Web3 blockchain - Ronin. As reported by The Block, this development occurred nearly six months after the North Korean hackers attacked five out of nine validator keys on the Ethereum bridge.
In a blog post written by the global head of investigations at Elliptic, Erin Plante, they recovered stolen crypto funds from the infamous North Korean hackers known as the Lazarus group for the first time but hopefully not the last. The $30 million recovery was carried out using tracking tools from the Chainalysis blockchain and is only a fraction of the over $1 billion stolen in 2022.
Latest from the SEC…
Gary Gensler Supports CFTC Oversight For Non-Security Cryptocurrencies
The US Securities and Exchange Commission Chairman, Gary Gensler,?recently spoke?in support of a petition that would give the Commodity Futures Trading Commission (CFTC) more regulatory authority over non-security crypto assets. According to a report by The Wall Street Journal, the CFTC, led by its head, Rostin Behnam, is eyeing the “Big Two” cryptocurrencies - Bitcoin (BTC) and Ethereum (ETH) in its petition to the US Congress.?
This is one of several instances where the SEC Chief has targeted the cryptocurrency industry. He has singled out Coinbase and Ripple for violating regulations and securities, claiming that all cryptocurrencies with the exception of Bitcoin?are securities and should be put under his agency.
Latest on Big Brands and NFTs…
Sony Music Continues To Show Its Support For NFTs?
Sony Music has applied to trademark the Columbia Records logo for NFT media releases. If approved, the media giant would use the trademarked logo to release downloadable parts of live performances like artwork, text, images, and audio--in the form of NFTs. The logo would also allow Sony Music to promote and market its artists and distribute their audio and visual recordings.?
Sony’s current petition stresses its willingness to accept NFTs and utilize it in expanding its digital offerings. The Japanese enterprise had previously used NFTs to promote the Sony Spatial Reality Display (SRD) tablet on the Theta blockchain.
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