Coinbase Sues This Altcoin Rises 50 Percent!

US Department of the Treasury in early August cryptocurrencies mixing service Tornado CashHe announced that sanctions were imposed on him.

The service provided by Tornado Cash is the reason for the sanction. cryptocurrency It has been shown to facilitate money laundering as it hides transactions and prevents the tracking of transactions.

This situation crypto- industry, and a lawsuit was filed against the ministry’s sanctions on Tornado Cash.

Kraken and Tether important names in the industry, such as Tornado Cash, said that they found the sanctions excessive.

The last statement on this subject is one of the largest stock exchanges in the USA. coinbaseIt came from

Coinbase US Treasury Tornado Cash announced that they support the objections made against the sanctions against the Treasury Department and support the lawsuit filed against the Treasury Department.

There are six plaintiffs in the lawsuit, two of which are Coinbase employees. The lawsuit seeks to lift the sanctions imposed on Tornado Cash.

Brian Armstrong, CEO of Coinbase The following statements were included in the blog post written by:

“Today we are announcing that Coinbase has funded a lawsuit filed by six individuals opposing US Treasury Department sanctions on Tornado Cash contracts and asking the court to remove them from the US sanctions list.

We have no problem with the Treasury sanctioning bad actors, but we take a tough stance against illegal behavior.

Treasury went too far in the case of Tornado Cash and took a step towards targeting all technology rather than specific individuals.

We believe that Treasure harms innocent people and especially threatens the future of DeFi and Web3.”

A plaintiff, a senior security risk analyst at Coinbase, said that while donating to Ukraine, he used the service to anonymize his donation for fear that his address would be targeted by Russian hacking groups.

Coinbase’s chief legal officer Paul Grewal he compared Tornado Cash to the police chasing armed robbers on a highway and “We don’t ban all use of that highway to catch criminals. In this context, this is the first time Coinbase will financially support an external litigation.” said.

After the news, TORN rose by 50%.