Tuesday, March 21, 2023

New Crypto Mixer in Development, Former Tornado Cash Developer Says

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Privacy Pools, a successor to the legally sanctioned crypto mixer Tornado Cash is currently in development. One of the developers who worked on Tornado Cash is now creating a new platform that is said to be compliant with legal norms. The developer has posted the code of the new service on GitHub. With this platform, the developer aims to provide services similar to Tornado Cash, but with a more legal-friendly approach. The code posted on GitHub is only experimental, as per the developer.

The upcoming Privacy Pools service will use zero-knowledge proofs enable its users seeking more privacy in their crypto transactions, to prove that they are not associated with terror or hacking groups, according to former Tornado Cash developer Ameen Soleimani. Privacy mixers like Tornado Cash are often misused by crypto thieves.

These mixers allow people to deposit their stolen tokens into a common pool of crypto tokens and then wire their stolen holdings into secret wallets. This process is designed break any trail of the stolen funds, that could have been traced by officers investigating a crypto scam or fraud case.

Last year, Tornado Cash caught the attention of US authorities. The privacy mixer reportedly laundered illegal funds worth $7 billion (roughly Rs. 57,911 crore).

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Disclaimer: This story is generated from RSS Feed and has not been created or edited by Waba News. Publisher: Gadgets360


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