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Cryptoknowmics 2022-08-25 10:45:13

Tether Holds Firm On Decision Not To Freeze Tornado Cash Addresses

Tether (USDT), a provider of stablecoins pegged to the dollar, declared on Wednesday that it wouldn’t freeze smart contract addresses. At the same time, the American government’s decision to outlaw Tornado Cash is still being discussed in the cryptocurrency world. According to a recent blog post by Tether on the matter, the firm is awaiting guidance from law enforcement. Tether Holds Firm on Decision Not To Freeze Tornado Cash Addresses, Awaits Law Enforcement Instruction — Tether (@Tether_to) August 24, 2022 Tornado Cash Ban The Ethereum-based platform Tornado Cash was outlawed on August 8 by the Office of Foreign Asset Control (OFAC), a financial watchdog inside the U.S. Treasury Department. Since then, disagreement has surrounded OFAC’s efforts to impose sanctions. Of course, OFAC’s sanctions had a knock-on effect and other businesses, including the Centre consortium of Circle Financial and Coinbase, Github, and Discord, took action. For instance, Tornado Cash’s Discord channel was removed, developers were suspended from Github, and reports claimed that Centre blocked dozens of Ethereum addresses and frozen 75,000 USDC. Tether noted that it might be “extremely disruptive” and “reckless” to arbitrarily freeze wallet or smart contract addresses. It might warn potential suspects of an upcoming police investigation, result in liquidating or abandoning assets, and impede the collection of more evidence. T...

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