Coinbase Foots Bill For Lawsuit Against US Treasury Over Tornado Cash Sanctions: 'Saw This As Much Larger Problem'

Cryptocurrency exchange Coinbase Global Inc (NASDAQ: COIN) is funding a lawsuit against the U.S. Treasury Department for its sanctions against coin mixer Tornado Cash (CRYPTO: TORN), as per a report from CNBC. What Happened: The lawsuit was filed by six plaintiffs, including Coinbase employees, and argues that the sanctions against the decentralized privacy protocol were an overstep by the Treasury's Office of Foreign Assets Control (OFAC) and asks that the platform's smart contracts be removed from the sanctions list.

Timeline of Torn

Cryptocurrency mixer Tornado Cash was blacklisted by the U.S. Department of Treasury, prohibiting Americans from using a business that the agency claims ‘launders the profits of cybercrimes.

Coinbase is supporting a lawsuit against sanctioning an Ethereum-based crypto mixer, Tornado Cash. The post Coinbase to Finance User's Lawsuit Against Treasury Department for Tornado Cash Sanctions appeared first on BeInCrypto.

Coinbase is financing a lawsuit filed against the US Treasury Department by six users of sanctioned crypto protocol Tornado Cash, CNBC reported on September 8. The post Coinbase finances Tornado Cash users' lawsuit against US Treasury Department appeared first on CryptoSlate.

Crypto exchange Coinbase on Thursday said it was funding a lawsuit against the U.S. Treasury Department to block sanctions barring Americans from Tornado Cash, a virtual currency mixer accused of helping hackers launder proceeds for cybercrimes.

Crypto exchange Coinbase on Thursday said it is funding a lawsuit brought by six people challenging the Treasury Department's sanctions of Tornado Cash. Tornado Cash, often referred to as a crypto mixer, is an open source software running on the Ethereum blockchain.

Several employees of leading crypto exchange Coinbase are filing suit to roll back last month's Tornado Cash sanctions. The post Coinbase backs lawsuit aimed at Treasury's Tornado Cash sanctions appeared first on The Block.

A growing number of decentralized finance (DeFi) projects are working on decentralized frontends (DeFe) following Tornado Cash sanctions. The post DeFi Projects Will Develop Decentralized Frontends After Tornado Cash Fallout appeared first on BeInCrypto.

In an unprecedented move, the U.S. Treasury Department levied sanctions on the crypto mixing company Tornado Cash earlier this month. The action is taken over allegations that the crypto mixer was used to launder virtual currency.

Since the announcement on 8 August, one where the Office of Foreign Assets Control (OFAC) informed U.S. residents of its inclusion of Tornado Cash to its Specially Designated Nationals list, the cryptocurrency mixer's native token has plummeted. Exchanging hands at $9.

U.S. Secretary of State Antony Blinken said on Aug. 8 that the country sanctioned Tornado Cash (CRYPTO: TORN), a decentralized application on the Ethereum (CRYPTO: ETH) blockchain that allows the anonymous transfer of Bitcoin (CRYPTO: BTC). The reasoning behind it, as well as how it was executed, has angered the crypto community and may be a precursor of a serious government crackdown on the industry.