Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn

ZkSNACKs to sunset CoinJoin coin mixing service amid US crackdown

The BlockThe Block2024/05/02 19:16
By:The Block

Quick Take ZkSnack is shutting down CoinJoin on June 1, marking its latest attempt to appease U.S. authorities amid their crackdown on blockchain-based privacy tech.

ZkSNACKs is shutting down its coin mixing service, beginning June 1.

CoinJoin is shutting down amid mounting pressures from law enforcement, as U.S. regulators and authorities crack down on privacy tools. The shutdown comes shortly after authorities arrested the co-founders of Samurai Wallet, which offered CoinJoin’s mixing services to its users.

So-called coin mixers obfuscate the origins and destinations of crypto transactions, making it difficult for international authorities to identify dark money laundering.

ZkSNACKs' shuttering of CoinJoin follows other moves the project has taken to limit its legal liabilities stateside. Last week, ZkSNACKs blocked access to its Wasabi Wallet for U.S. citizens and residents.

Crypto firms’ sunsetting of legally ambiguous products in the U.S. underscores growing concerns over authorities’ hostility toward some cryptocurrency services in the U.S. Last year, U.S. law enforcement arrested Tornado Cash developer Roman Storm on money laundering and wire fraud conspiracy charges related to his platform’s token mixing services.


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Stake to earn
APR up to 10%. Always on, always earning.
Stake now!

You may also like

Analytics Firm Reveals 3 Cryptocurrencies Whose Mentions Exploded During Altcoin Rally

Cryptocurrency analysis company Santiment shared three altcoins whose mention rates have increased significantly in its statement.

Bitcoinsistemi2024/09/28 15:36