The Tornado Cash case reveals how privacy is under attack, who is defending it?

The Cryptocurrency Tornado Cash mixer was sanctioned this week by the US government. Therefore, its use was banned and classified as a crime. For the community revolving around Bitcoin (BTC) and other crypto activities in the ecosystem, the action is an attack on privacy, while others are wondering who can defend us now?

Dylan Leclerc, Analysta de Bitcoin Magazine, hung Twitter: “Even if you only have bitcoins, pay attention. The war for privacy is just beginning.

The phrase LeClair is just one of many expressions of concern on the part of the Bitcoin and other cryptocurrency community.

It also highlights the growing conflict over the role that regulators play in the state and the interests and rights of those who make up the cryptocurrency community.

As explained in the CriptoNoticias post, Tornado Cash is a protocol that allows people to hide the origin or destination of their cryptocurrency and tokens on the Ethereum network. This means that the tool is mainly used to protect the privacy of the person transferring the cryptocurrency.

However, the Office of Foreign Assets Control (OFAC), a division of the US Treasury, notes that Tornado Cash is mainly used by criminals to launder moneyespecially Russian and North Korean hackers.

for this reason, All transactions made in Tornado Cash are declared illegal A decision was made to “chase” all cryptocurrency providers.

Thus, the US authorities ignore the fact that Cryptocurrency mixers play an important role in the ecosystem From block chains, where all transactions are usually visible to everyone. Thus, it seems that privacy in the cryptocurrency world today is more threatened than ever.

Blockchain Chain Analysis.
Companies like Chainalysis, Blockseer, CipherTrace, and Elliptic, among others, are dedicated to analyzing blockchains to keep track of publicly available information. Source: YouTube / Chainalysis.

Who is defending privacy on the internet and in the cryptocurrency world?

Coincidentally, the Federal Trade Commission (FTC) yesterday released A procedure for regulating monitoring techniques, algorithms and data security. In this way, the agency whose main task is to promote consumer rights proposes to regulate monitoring technologies and algorithms.

Officials are asking the public for feedback on issues related to commercial surveillance and data collection methods. They want to understand the advantages and disadvantages of these technologies, while at the same time assessing the usefulness found in upcoming regulations.

On September 8, the FTC will hold a public hearing, and before this date it expects to receive comments and suggestions from the public at How Surveillance Technology Will Help Protect Hacking Victims Or how it is applied to track illegal actions.

It is not known whether the concerns of the body responsible for protecting people from deceptive and fraudulent practices have any impact on the use of surveillance systems by the state. This, understand that Tax Services (IRS) of America is using surveillance software To keep track of transactions made with Bitcoin and other cryptocurrencies.

The growing adoption of cryptocurrencies in the world appears to be increasingly worrying governments, and President Joe Biden’s executive order reveals this. In it, the governor expresses the need to scale back efforts to Controlling the “Wild West” of cryptocurrencies and placing them under regulatory supervision.

It should not be forgotten that the government is paving the way for the issuance of its own digital dollars. And while all of this is happening, surely the best thing for users of Bitcoin and other cryptocurrencies is to understand that the most effective measure to ensure privacy and data protection in the ecosystem is to defend it at all costs. with your own hands, without leaving it responsible for third parties.

This calls for additional measures to protect private information and prevent certain actors from revealing the true identity of each person transmitting value through blockchain.

 

 

 

 

 

Bitcoin Review

Leave a Comment