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Men charged by U.S. with laundering more than $1B in cryptocurrency

washingtonpost.com

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Re: Men charged by U.S. with laundering more than $1B in cryptocurrency

#4

Post by whoami_nr »

This is very alarming and a very overreaching thing by the government. These men wrote an open source protocol (smart contract) which was used by random folks to "also" launder money. Its like arresting Tor developers because people host illegal content on it. Leaving this here for more details and reference:

https://rnikhil.com/2022/08/09/tornado-cash-block.html

Re: Men charged by U.S. with laundering more than $1B in cryptocurrency

#5

Post by BobbyJo »

whoami_nr wrote: post #4

This is very alarming and a very overreaching thing by the government. These men wrote an open source protocol (smart contract) which was used by random folks to "also" launder money. Its like arresting Tor developers because people host illegal content on it. Leaving this here for more details and reference: https://rnikhil.com/2022/08/09/tornado-cash-block.html

Different laws come into play when your platform targets monetary transactions as opposed to general purpose data transactions. Tor operates in an entirely different legal landscape.

Re: Men charged by U.S. with laundering more than $1B in cryptocurrency

#7

Post by tw04 »

whoami_nr wrote: post #4

This is very alarming and a very overreaching thing by the government. These men wrote an open source protocol (smart contract) which was used by random folks to "also" launder money. Its like arresting Tor developers because people host illegal content on it. Leaving this here for more details and reference: https://rnikhil.com/2022/08/09/tornado-cash-block.html

Huh? They were running tornado cash which existed for the sole purpose of laundering money. This isn't at all reaching, if your bank down the street started shredding records for deposits in order to transact with drug dealers, they would also be arrested.

Re: Men charged by U.S. with laundering more than $1B in cryptocurrency

#8

Post by whoami_nr »

tw04 wrote: post #7
whoami_nr wrote: post #4

This is very alarming and a very overreaching thing by the government. These men wrote an open source protocol (smart contract) which was used by random folks to "also" launder money. Its like arresting Tor developers because people host illegal content on it. Leaving this here for more details and reference: https://rnikhil.com/2022/08/09/tornado-cash-block.html

Huh? They were running tornado cash which existed for the sole purpose of laundering money. This isn't at all reaching, if your bank down the street started shredding records for deposits in order to transact with drug dealers, they would also be arrested.

But this isn't the same. Going by your example, its like arresting the designer of the shredder machine

Re: Men charged by U.S. with laundering more than $1B in cryptocurrency

#9

Post by coderintherye »

whoami_nr wrote: post #4

This is very alarming and a very overreaching thing by the government. These men wrote an open source protocol (smart contract) which was used by random folks to "also" launder money. Its like arresting Tor developers because people host illegal content on it. Leaving this here for more details and reference: https://rnikhil.com/2022/08/09/tornado-cash-block.html

This is a false narrative made pretty clear by the indictment: https://www.justice.gov/media/1311391/dl?inline

If you start a company and take investment and rake in money without AML controls then you're going to have a bad time.

Don't want to be arrested? Pretty simple: Either live in Russia or don't start a company to make money off of money laundering. Or just build the open-source software without trying to make money off of it.

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