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May 22, 2024
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US sanctions Tornado Cash and hack Curve Finance

Among the most prominent news of the week is the controversial announcement by the US Treasury Department to sanction the Ethereum mixer Tornado Cash. According to the agency, the protocol has failed to impose effective controls to prevent money laundering by cybercriminals.

In this context, the price of bitcoin (BTC) maintains its value in a range that oscillates between USD 24,000 and USD 25,000. At the time of this writing, it is quoted at USD 24,524, as reflected in the price of the Latin American and Spanish market, according to the Crypto News price calculator.

These are the most outstanding news:

  • On August 8, the US government sanctioned the cryptocurrency mixing platform, Tornado Cash. They allege that he has laundered more than $7 billion and has links to a group of North Korean hackers. The protocol allows people to hide the origin or destination of cryptocurrencies and tokens on the Ethereum network, protecting the privacy of users. Tornado Cash has been in the crosshairs of the authorities with the proliferation of cryptocurrency hacks. The Treasury Department’s move was rejected by the majority of the community members of Ethereum. Seth Hertlein, a lawyer and global head of policy at Ledger, believes that “privacy and freedom of expression were the real sanctions.”
  • After the sanction to Tornado Cash, an anonymous user sent ethers (ETH) to several celebrities and members of the ecosystem in order to “smear their addresses”. Simultaneously, a series of vetoes against the protocol began to be applied. The Aave platform and other Ethereum applications and clients, such as Infura, Alchemy, GitHub, Circle and dYdX they took steps to block access to users whose accounts are linked to Tornado Cash. The Panamanian bank Towerbank said it will reject customers who use mixers and in Europe it is expected that – once the MiCA Law is approved – mixers will be seen as “high-risk transactions”. For their part, the authorities of the Netherlands detained a developer of the protocol.
  • Curve, a decentralized exchange that focuses on the exchange of stablecoins, suffered a hack on the afternoon of August 9. According to a project publication, the server name or DNS of the platform was compromised. The founder and CEO of the Binance exchange spoke out about what happened noting that they had been monitoring the fact and that, the damage amounted to USD 570 thousand. The hacker managed to move funds through different platforms, including Tornado Cash. However, the vast majority of the stolen funds were mobilized through Binance. The exchange managed to freeze USD 450 thousand (more than 80% of the hacked amount), which will be returned to users.
  • The United States Bureau of Employment Statistics (BLS) revealed on August 10 that inflation for the month of July was 8.5% with respect to July 2021, a figure below the predictions of 8.7%. The price of bitcoin rebounded after the announcement, surpassing $24,000. However, it was the launch of a Bitcoin cash trust by Blackrock what consolidated the value, bringing it closer to USD 25,000. Blackrock would be opening the door for states, through central banks, to invest in BTC. That is why it is seen as a good sign in the market. In this context, the United Nations Conference on Trade and Development (UNCTAD) issued a series of recommendations to developing countries, calling to avoid the adoption of cryptocurrencys.
  • Thousands of people gathered, from August 11 to 13, at the Buenos Aires Convention Center, Argentina, to attend the ETH Latam conferences focused on the Ethereum network. Among the participants was Horacio Rodríguez Larreta, the head of the Government of the City of Buenos Aires. Together with Diego Fernández, Secretary of Innovation and Digital Transformation, they reported that an identity system based on blockchains is being prepared for the Argentine capital. Entrepreneurship, capital raising, web3, metaverses and security, among others, were the topics discussed during the following days of the event. The closing ceremony was attended by Vitalik Buterin online. The Russian-Canadian computer scientist told the Argentines about inflation and the Ethereum merger.
  • MakerDAO, organization behind DAI, a decentralized stablecoin, is considering exchange all your bookings in USD Coin (USDC), which are about USD 3.5 billion and account for 49% of its reserves. A decision that could lead to the stablecoin losing its parity with the US dollar if the process does not go well. Mariano Di Pietrantonio, co-founder and chief strategy officer of MakerGrowth (in charge of the growth of the decentralized autonomous organization MakerDAO) spoke with Criptonews. He noted that, at the moment, “the idea is in the stages of discussion.” He clarified that this is an initiative that will have to go through a formalization and governance process.

If you want to know the meaning of several words in the terminology of the crypto world, you can consult them in the extensive Crypto News Glossary. Here’s a little sneak peek with the word Lambo.

Lambo: it is one of the most recognized terms in the ecosystem, portrayed in many memes and jokes. It is the abbreviation of the renowned sports car brand Lamborghini, one of the first firms to accept cryptocurrency payments. In addition, it is one of the preferred investments for millionaires in the ecosystem. Lambo also refers to large profits that make it possible to buy a million-dollar Lamborghini.

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