journalfront

Cryptocurrency

The US Appeals Court's Ruling on the US Treasury's Sanction of Tornado Cash

2024-11-28

A US appeals court has made a significant ruling regarding the US Treasury Department's actions. In 2022, the Treasury Department was accused of exceeding its authority when it sanctioned the cryptocurrency mixer Tornado Cash. This mixer had been targeted for facilitating the laundering of over USD 7 billion by hackers in North Korean and other cybercriminal networks. The ruling from the 5th US Circuit Court of Appeals in New Orleans favored six Tornado Cash users who had filed a lawsuit with the support of the cryptocurrency exchange Coinbase.

Unraveling the Legal Battle over Cryptocurrency Mixers

Cryptocurrency Mixers: Anonymizing Digital Transactions

Cryptocurrency mixers like Tornado Cash play a crucial role in the digital currency space. They are designed to provide anonymity by obscuring the origins and ownership of assets. This software tool operates through self-executing smart contracts that pool and shuffle users' funds, enhancing privacy. However, such tools have also come under intense scrutiny, especially when they are suspected of being used in illegal activities like money laundering. 2: The use of cryptocurrency mixers has sparked a heated debate among legal experts and industry players. On one hand, some argue that these tools are necessary to protect the privacy of users in a digital world where every transaction is recorded. On the other hand, there are concerns about their potential misuse in facilitating criminal activities. The case of Tornado Cash highlights the complex nature of this issue and the need for a careful balance between privacy and law enforcement.

The Treasury's Perspective: Sanctioning under International Emergency Economic Powers Act

The US Treasury Department's Office of Foreign Assets Control (OFAC) took the stance that Tornado Cash was involved in laundering proceeds from cybercrimes, including the USD 455 million stolen by the North Korea-linked Lazarus Group. Under the International Emergency Economic Powers Act, OFAC had the authority to impose sanctions on Tornado Cash. This move was seen as a significant step in the fight against cybercrime and money laundering in the cryptocurrency space. 2: However, some argued that federal law only allows OFAC to regulate property, and the smart contracts of Tornado Cash do not qualify as property. These contracts operate independently and cannot be altered or controlled, making them a unique case in the legal arena. The debate over whether Tornado Cash's software design should be legally classified as property has been a key point of contention in this case.

Legal Scrutiny and Broader Implications

The case of Tornado Cash has drawn broad legal scrutiny. In May, one of its developers was sentenced to prison in the Netherlands for money laundering. Additionally, the founders were charged in the US with money laundering and sanctions violations. This shows the serious consequences that can arise from the use of such cryptocurrency tools. 2: The ruling by the US appeals court has significant implications for the future of cryptocurrency regulation. It raises questions about the balance between privacy and law enforcement in the digital currency space. As the cryptocurrency industry continues to grow, it is likely that more legal battles will emerge regarding the use and regulation of these tools.

For Americans across the nation, Thanksgiving Thursday often brings families together for meals. In recent years, cryptocurrency has become a topic of conversation during these holiday gatherings. Let's take a look at how crypto has fared since last year's Thanksgiving.

Performance Overview

In November 2021, Bitcoin BTC/USD and Ethereum ETH/USD hit all-time highs, and Dogecoin DOGE/USD saw a significant increase from the start of the year. Family members discussing crypto were either optimistic about further growth or questioning its risks.However, the cryptocurrency sector faced high volatility in 2022. Family members who encouraged relatives to buy cryptocurrencies have received questions as major cryptocurrencies' prices dropped.As previously shared by Benzinga, investing in Bitcoin, Dogecoin, and Ethereum on Thanksgiving Day 2021 would have led to losses of 72.3%, 64.6%, and 72.5% respectively a year later. A $3,000 investment split among the three leading cryptocurrencies would have decreased to $905.69 from Thanksgiving 2021 to Thanksgiving 2022.But in 2023, the situation has changed. Family members who bought cryptocurrency on Thanksgiving Day 2023 or 2022 might have a more positive attitude.

Bitcoin's Performance

A $1,000 investment in Bitcoin on Thanksgiving 2023 could have bought 0.0266 BTC. Currently, with a price of $96,360.02, this investment is worth $2,563.18, representing a 156.3% increase since last year's holiday. Bitcoin's volatility and potential for significant gains make it a topic of interest among investors. It has shown resilience and the ability to recover from market downturns.

Dogecoin's Performance

A $1,000 investment in Dogecoin on Thanksgiving 2023 could have purchased 13,097.92 DOGE. At a current price of $0.4017, this investment is now worth $5,261.43, a remarkable 426.1% increase. Dogecoin's popularity and community support have played a significant role in its price growth. It has become a symbol of the cryptocurrency world and attracts a wide range of investors.

Ethereum's Performance

A $1,000 investment in Ethereum on Thanksgiving 2023 could have bought 0.4789 ETH. With a price of $3,639.28, this investment is worth $1,742.85 today, a 74.3% increase since last year. Ethereum's technological advancements and growing ecosystem have contributed to its value growth. It is one of the leading blockchain platforms and has a large user base.In total, a $3,000 investment in these three well-known cryptocurrencies would be worth $9,567.46 today, representing a 218.9% increase.For comparison, a $1,000 investment in the SPDR S&P 500 ETF Trust, which tracks the S&P 500 stock market index, would be worth $1,311.44 and up 31.1% from Thanksgiving 2023 to Thanksgiving 2024.The returns from 2023 to now have outpaced the gains from both 2021 to 2022 and 2022 to 2023. Last year, Bitcoin, Dogecoin, and Ethereum saw returns of 123.3%, -9.2%, and 70.5% respectively from Thanksgiving 2022 to Thanksgiving 2023. A $3,000 investment during this period would have been worth $4,846.24 and up 61.5%.The huge returns over the last year have likely put a smile on the faces of crypto investors at the Thanksgiving dinner table.

Dr. Alex Achenbach, eine renommierte Nachhaltigkeitsexpertin, hat wichtige Anweisungen für die Herstellung von Orangeat und Zitronat. Sie unterstreicht die Notwendigkeit, für diese Getränke ausschließlich Bio-Ware zu verwenden, da die Schalen sonst mit Pflanzenschutzmitteln oder anderen Chemikalien belastet sein können. Trotzdem sollten Bio-Obst und -Gemüse grundsätzlich gewaschen werden, da sie mit Keimen verunreinigt sein können.

Eine gute Geschenkidee: Zitronat- und Orangeatstreifen mit Zartbitterschokolade überziehen

Die fertigen Zitronat- und Orangeatstreifen können mit Zartbitterschokolade überzogen werden, was eine tolle Geschenkidee ist. Diese Kombination bietet eine einzigartige und köstliche Erfahrung.

Zutaten für Orangeat und Zitronat

Bio-Orangen (aus vier Orangen lassen sich etwa 300 Gramm Orangeat herstellen) oder Bio-Zitronen. Gleiche Menge an Zucker (das Gewicht richtet sich nach der Schalenmenge). Wasser. Etwas Salz. Außerdem sind Schraubgläser erforderlich.

Zubereitungsschritte

Schneiden Sie die Zitronenschalen oder Orangenschalen in schmale Streifen. Achten Sie darauf, die weiße Innenschale ebenfalls wegzuschneiden. Kochen Sie die Schalen zweimal hintereinander für je 10 Minuten in gesalzenem Wasser auf. Pro Liter Wasser geben Sie 1 TL Salz in das Wasser und wechseln beim zweiten Kochvorgang das Wasser, um die Bitterstoffe zu entfernen. Lassen Sie die Obststreifen gut abtropfen und mit der gleichen Menge Zucker sowie etwas Wasser eine Stunde lang dünsten, bis sie glasig aussehen. Anschließend lassen Sie die Streifen auf einem Gitter abtropfen und mehrere Tage trocknen. Schneiden Sie die Streifen in kleine Stücke und geben Sie das Orangeat bzw. Zitronat in verschließbare Gläser.Bio-Orangen und Bio-Zitronen bieten eine natürliche und nachhaltige Alternative für die Herstellung von Orangeat und Zitronat. Durch die Verwendung dieser Bio-Ware können wir unserstes die Umwelt schützen und zweitens eine hochwertige und natürliche Getränksqualität erreichen. Die sorgfältige Zubereitung mit den angegebenen Schritten führt zu einem exzellenten Ergebnis, das sowohl für den eigenen Genuss als auch als Geschenk geeignet ist.