Coinbase to Fund Lawsuit Challenging Tornado Cash Sanctions by US Department of Treasury

Last month, the US Department of the Treasury's Office of Foreign Assets Control (OFAC) applied sanctions to Tornado Cash, a crypto mixing platform. The second sanctions hitting a mixer, the enforcement action is still the first of its kind as the code running Tornado.

Timeline of Torn

Coinbase has bankrolled a lawsuit filed against the U.S. Treasury Department and other government officials over the decision to impose sanctions on the crypto mixing tool.  Government Department Sued By Users  The lawsuit, filed by six Tornado Cash users, has named Treasury Secretary Janet Yellen and other individual government officials, along with the Treasury Department, over their decision to sanction the crypto mixing tool back in August.

The U.S. Treasury Department's move to blindly put a ban on Tornado Cash consequently brought a lawsuit against Treasury Secretary Jannet Yellen and other officials of its departments. The six affected users, which got into trouble due to the restrictions on the privacy tool, have challenged the U.S.

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.

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.