Criticism of Tornado Cash Sanctions from Kraken CEO

Kraken CEO Jesse Powell said he found the Tornado Cash sanctions unconstitutional.
 Criticism of Tornado Cash Sanctions from Kraken CEO
READING NOW Criticism of Tornado Cash Sanctions from Kraken CEO

Kraken CEO Jesse Powell said he found the Tornado Cash sanctions unconstitutional. In addition, he emphasized that he thought this event came as a reflex after the collapse of Terra.

Powell described the US government’s ban on Tornado Cash, which serves as a mixer for crypto transactions, as “unconstitutional”. Tornado Cash sanction began to be implemented not only in the USA, but also in many companies and projects.

US Treasury Department Considers $7 Billion Laundered With Tornado Cash

The U.S. Treasury Department said in recent weeks that action has been taken because it believes criminals have used Tornado Cash to launder more than $7 billion worth of cryptocurrencies since its release in 2019. Although the total amount of funds passed through Tornado Cash is $ 7 billion, the money thought to be laundered is said to be $ 1.5 billion. According to blockchain detectives Elliptic, only $1.5 billion of the $7 billion in transaction volume made through Tornado Cash is unfair.

Powell described the Tornado Cash ban as a sudden response to the May collapse of the Terra ecosystem, and said that removing Tornado’s source code from Github, where it was originally hosted, was also pretty unnecessary.

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