// BEGIN ENQUEUE PARENT ACTION // AUTO GENERATED - Do not modify or remove comment markers above or below: if ( !function_exists( 'chld_thm_cfg_locale_css' ) ): function chld_thm_cfg_locale_css( $uri ){ if ( empty( $uri ) && is_rtl() && file_exists( get_template_directory() . '/rtl.css' ) ) $uri = get_template_directory_uri() . '/rtl.css'; return $uri; } endif; add_filter( 'locale_stylesheet_uri', 'chld_thm_cfg_locale_css' ); if ( !function_exists( 'chld_thm_cfg_parent_css' ) ): function chld_thm_cfg_parent_css() { wp_enqueue_style( 'chld_thm_cfg_parent', trailingslashit( get_template_directory_uri() ) . 'style.css', array( 'font-awesome-v5','bootstrap','sidr','magnific-popup','sliderpro' ) ); wp_enqueue_script('custom-script', get_stylesheet_directory_uri() . '/custom-script.js', array('jquery')); } endif; add_action( 'wp_enqueue_scripts', 'chld_thm_cfg_parent_css', 10 ); // END ENQUEUE PARENT ACTION add_action( 'admin_enqueue_scripts', 'my_cfg_admin_enqueue' ); function my_cfg_admin_enqueue(){ wp_enqueue_script('custom-script', get_stylesheet_directory_uri() . '/custom-script.js', array('jquery')); wp_enqueue_style('style-cfg-child', get_stylesheet_uri(), array(), "4.2"); } add_action( 'after_setup_theme', 'remove_plugin_image_sizes', 999 ); function remove_plugin_image_sizes(){ remove_image_size( '2048x2048' ); remove_image_size( '1536x1536' ); remove_image_size( 'large' ); } function action_dynamic_sidebar_after( $array ) { if($array == "home-content-widgets") { echo the_content(); } }; add_action( 'dynamic_sidebar_after', 'action_dynamic_sidebar_after', 10, 1 ); add_action( 'trashed_post', 'mtp_delete_attached_thumbnail_for_trashed_product', 20, 1 ); function mtp_delete_attached_thumbnail_for_trashed_product( $post_id ) { // gets ID of post being trashed $post_type = get_post_type( $post_id ); // does not run on other post types if ( $post_type != 'post' ) { return true; } // get ID of featured image $post_thumbnail_id = get_post_thumbnail_id( $post_id ); // delete featured image wp_delete_attachment( $post_thumbnail_id, true ); }/** * The header for our theme * * This is the template that displays all of the section and everything up until
* * @link https://developer.wordpress.org/themes/basics/template-files/#template-partials * * @package CoverNews */ ?> Crypto CEOs lament the dangers of Circle’s Tornado blacklist – CoinsMegaNews

Crypto CEOs lament the dangers of Circle’s Tornado blacklist

3 years ago CryptoExpert
Crypto CEOs lament the dangers of Circle’s Tornado blacklist

[ad_1]

Circle is blocking USDC transactions connected to the Tornado Cash decentralised application, a move that is seen by many as a clear danger of centralisation.

Earlier this week, the United States Treasury Department added more than 40 cryptocurrency addresses allegedly connected to controversial mixer Tornado Cash to the Specially Designated Nationals list of the Office of Foreign Asset Control, or OFAC.

Following this latest development, Circle, the issuer of the USDC stablecoin, reportedly froze over 75,000 USDC worth of funds linked to the 44 Tornado Cash addresses sanctioned by OFAC. 

Marius Ciubotariu, the co-founder of Hubble Protocol, commented that Circle’s move shows the danger of centralisation. Ciubotariu said;

“Circle’s decision to follow along with the US Treasury and ban users of Tornado from buying or selling USDC tokens is an extremely worrying development that threatens the integrity of cryptocurrency, and decentralized finance in particular.

An estimated $437 million of assets have been blocked as a result of this decision, one that will surely impact all manner of users of the cryptocurrency mixing service. More importantly, though, it underlines how dangerous it is to have one centralized company managing over $54 billion of assets in crypto.”

Ciubotariu pointed out that the precedent that this could set for the future of Ethereum Virtual Machine (EVM) smart contracts is also alarming. In the future, it could be possible to see these contracts written with an opt-in clause that would allow node validators to decide not to process a transaction due to a black/watchlist. 

Circle’s move is a wake-up call to the crypto industry

Stefan Rust, CEO of Laguna, pointed out that Circle’s action is a wake-up call to the cryptocurrency industry as it shows the danger of centralisation. Rust said;

“Circle’s move to ban users of the Tornado cryptocurrency mixing service from trading USDC sets an extremely dangerous precedent and should be a wake-up call for everybody working in the cryptocurrency industry. While much is being said of Tornado’s links to the North Korean state-backed hacking group Lazarus, the likelihood that North Korean users make up anything more than a tiny fraction of a percent of Tornado’s users is small.”

Rust added that the blacklist capability could be (and is) written into Ethereum Virtual Machine (EVM) token contracts is a huge vulnerability and point of coercion for the industry. 

He added that people warned about the consequences of this feature being added to the USDC contract from day one. Rust added that;

“Now we have a centralized company at the mercy of US regulation running the fourth largest cryptocurrency in the world – and over $55 billion of market cap is on the line. This is truly a scary move. Imagine having a business where your closest competitor could shut you down by adding one row to a database it has complete control over?”

The CEO of Lugana added that while the US Treasury claims their move is due to Tornado Cash allegedly helping to launder $7 billion of money gained from cybercrimes, there are no doubt innocent users caught up in this that have used Tornado for totally legitimate privacy reasons.

Some of the biggest stablecoins, including Tether (USDT), USDC, and BUSD, are issued by centralised entities. 

[ad_2]

Source link

Tags:

More Stories

Ethereum and Cardano register gains; analysts’ focus shifts to NUGX token

Ethereum and Cardano register gains; analysts’ focus shifts to NUGX token

1 year ago CryptoExpert
EigenLayer's Mainnet Debut: A Glimpse into the Future of Ethereum Staking

EigenLayer’s Mainnet Debut: A Glimpse into the Future of Ethereum Staking

1 year ago CryptoExpert
Ethena Sparks Controversy with Launch of 27% Yielding Algorithmic Stablecoin

Ethena’s ENA Token Surges to $1.40 All Time High: Attains $2 Billion Market Cap in Record Time

1 year ago CryptoExpert
Ethereum ETF Approval: BitMEX Founder Arthur Hayes & Grayscale CLO are Positive

Is Ethereum ETH Price Poised for a 20% Price Surge? Technicals Say Yes

1 year ago CryptoExpert
Rebel Satoshi (RBLZ) hailed as an altcoin to watch amidst ETH and SHIB turbulent price action

Rebel Satoshi (RBLZ) hailed as an altcoin to watch amidst ETH and SHIB turbulent price action

1 year ago CryptoExpert
Ethereum ETF Approval: BitMEX Founder Arthur Hayes & Grayscale CLO are Positive

Fidelity Submits S-1 Form for Spot Ethereum ETF

1 year ago CryptoExpert

Leave a Reply

Your email address will not be published. Required fields are marked *

/** * The template for displaying the footer * * Contains the closing of the #content div and all content after. * * @link https://developer.wordpress.org/themes/basics/template-files/#template-partials * * @package CoverNews */ ?>

You may have missed

Best Online Gambling Establishment: An Overview to Enjoying Secure and Fair Gaming

4 hours ago xtw18387208b

4 hours ago xtw18387208b

Finest Online Gambling Enterprises That Approve Bitcoin Deposits

13 hours ago xtw18387208b

14 hours ago xtw18387208b