Crypto Gets Hit by a Tornado
Sanctions against Tornado Cash provided headwinds of their own.
Photographer: Getty Images/Hulton ArchiveWelcome to Bloomberg Crypto, our twice-weekly look at Bitcoin, blockchain and more. If someone forwarded this to you, sign up here. In today’s edition, Emily Nicolle talks mixers, sanctions and other crypto existential issues:
Shock waves rippled through crypto on Monday after US sanctions were imposed on Tornado Cash, a service beloved by both North Korean hackers and privacy adherents for obfuscating their transaction history. The move appeared to confirm that it’s possible to stop a decentralized service in its tracks — but if crypto can’t act as a financial privacy guarantee, then what is it good for?