Coinbase, one of the largest cryptocurrency exchanges in the world, gave a support message today about a lawsuit involving a cryptocurrency mixer. The related altcoin project skyrocketed 50% after the message from Twitter.
Coinbase is next to the altcoin market in this case
Coinbase said today that it supports the complaints of six people appealing the Treasury Department’s penalties against Tornado Cash. A cryptocurrency mixer known as Tornado Cash is open source software that uses the Ethereum network. cryptocoin.comAs you follow, Tornado Cash was fined by the American authorities on August 8 for allegedly laundering billions of dollars. According to the Office of Foreign Assets Control (OFAC), the malware contained the actions of a US-approved hacker organization.
Altcoin price made 50% after support
Meanwhile, Tornado Cash (TORN) price has gained more than 50% after Coinbase’s support message. It still holds more than 20% of that earnings.
Tornado Cash will be exempt from sanctions
US authorities have sanctioned Tornado Cash for money laundering by the government from local cybercrime. They described Tornado as a tool to scramble virtual currencies and “launder the proceeds of cybercrime.” Tornado Cash allows users to deposit using one crypto address and withdraw using another crypto address while protecting their privacy. At the time, OFAC accused the cryptocurrency mixer of laundering more than $7 billion in cryptocurrencies since 2019. Authorities added that a hacking gang with a base in Korea was linked to some of the money laundered.
Meanwhile, Coinbase claimed that it does not support illegal activities. But he objected to the banning of the technology as a whole. The crypto exchange fears that a sweeping restriction on open source programming could have a chilling effect on innovation. According to Coinbase, banning open source software is not the best way to fix the problem. According to statements from Coinbase:
We take a strong stance against illegal activity and have no problem with the Treasury punishing bad guys. However, the Treasury went much further in this case, and in an unusual decision sanctioned not just a few individuals but an entire technology.
Has the US crossed the border? Altcoin market reacts
Coinbase said in a blog post that the Treasury department has gone too far in the Tornado Cash case. According to the statement, the government took the unprecedented decision to impose sanctions on all technology rather than a specific group of people. According to Coinbase, sanctions could have been avoided and instead targeted bad actors such as North Korean hackers.
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