'Tornado Cash And The Problem of Bitcoin Mixers' by tundefabusola defi cryptocurrency
With that, the Department of Treasury had effectively taken down Tornado Cash in almost its entirety. However, the question remains; why? What made Tornado Cash so dangerous that the federal government deployed everything they had to bring it down?When people talk about the benefits of Bitcoin as a currency and indeed Crypto as a financial system, they never fail to mention anonymity.
Even if you hold your coin in your address, on-chain analysis could help snoopy third parties either link the address to your real-world Identity or trace what you're doing with your funds. For people who require complete financial privacy, this would simply not do. Since the world of cryptocurrency is probably the closest approximation of a free market anyone can find, it wasn't long before this problem was solved.. Bitcoin mixing is a service that mixes tainted or potentially tainted crypto tokens with others, to make it difficult to track down the coin's whereabouts.
This gives law enforcement a huge headache. Before the popularity of these mixing services, law enforcement could trace laundered or stolen crypto funds with a great degree of accuracy. In fact, they could make it so that no other reputable organization makes transactions with tainted addresses or crypto.
Bitcoin mixers throw a spanner in that wheel and make that idea completely untenable. It's easy, as a crypto maximalist, to argue that the government is wrong to be against these mixers. However, the facts paint a more nuanced picture.
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