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US v. Coinbase Finance Lawsuit

US v. Coinbase Finance Lawsuit

Coinbase announced that it had funded a It causes Six people, including two employees of the California company, filed the lawsuit against the US Treasury Department. Obstacles imposed on the platform Tornado money In the month of August. The cryptocurrency compound was used by the Lazarus group Financial fraud deducted to do Axial infinity.

Coinbase vs US Govt

Tornado Cash is “Cryptocurrency mix“, is an open source platform that allows users to deposit funds from one crypto address and withdraw them using a different address. Privacy is guaranteed because transactions on the Ethereum blockchain are extremely difficult to identify. For this reason, Tornado Cash is often used by cybercriminals to launder illicit proceeds. Lazarus Group embezzled about $455 million of the $620 million stolen from Oxy Infiniti (authorities captured 30 million only).

In early August, the Treasury Department’s Office of Foreign Assets Control (OFAC) listed Tornado Money on the Specially Designated Nationals and Prohibited Persons List. Block transactions Hence access to finance. In practice, the US government has imposed a ban on a site that is also being used for legitimate purposes.

Coinbase has decided Financial support A lawsuit brought by six people because of OFAC Congress has abused the power given to it. The agency may sanction individuals or assets, not open-source technology. The company insists that Internet access is not restricted because it is being used for criminal activities. So Coinbase asked Remove Tornado Cash from blacklist To allow users to access their funds.

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