Crypto market: why a US crackdown on Tornado Cash threatens all digital commerce

Crypto market: why a US crackdown on Tornado Cash threatens all digital commerce

Opinion

Chris Berg

If US authorities had got their way on encryption, digital shopping would never have existed. That’s what makes the crackdown on Tornado Cash such a worry.

Chris BergBlockchain expert

The US government’s action against the blockchain privacy protocol Tornado Cash is an epoch-defining moment, not only for cryptocurrency but for the digital economy.

On Tuesday, the US Treasury Department placed sanctions on Tornado Cash, accusing it of facilitating the laundering of cryptocurrency worth $US7 billion ($10.06 billion) since 2019. Some $455 million of that is connected to a North Korean state-sponsored hacking group.

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