[HN Gopher] Tether will not freeze Tornado Cash addresses ___________________________________________________________________ Tether will not freeze Tornado Cash addresses Author : dgs_sgd Score : 37 points Date : 2022-08-24 20:54 UTC (2 hours ago) (HTM) web link (tether.to) (TXT) w3m dump (tether.to) | politician wrote: | OFAC rules don't require notice by a government agency. They're | automatically incumbent upon all citizens to follow. | 323 wrote: | Correct. | | I've worked in a company which dealt with user money and it was | our duty to figure out if someone opening an account was | sanctioned. Which was actually hard because you just have lists | of names which can be pretty vague like "John Doe, Florida". | mh8h wrote: | There are services for exactly that check. See Equifax OFAC | Alert as an example. | pirate787 wrote: | Treasury.gov also offers a free public API | geraldwhen wrote: | I'm surprised their lawyers don't understand this. Sanctions | are not a thing that you get a alerted to. You need to follow | who and what is sanctioned and bake compliance into your entire | company when handling money. | wmf wrote: | Tether is an offshore money laundering company with clown | lawyers so they're not really down with any kind of US | regulations. | mikeyouse wrote: | Right - the legal term of art is strict liability. Perkins | Coie has a little explainer: | | https://www.perkinscoie.com/en/news-insights/ofac- | releases-n... | loeg wrote: | Tether has never worried about the rule of law before; why start | now? | wslh wrote: | There is not a single rule of law. This is not an statement in | favor or against Tether. | otoburb wrote: | >> _Tether has not been contacted by US officials or law | enforcement with a request to freeze the addresses sanctioned by | OFAC, but as noted above, Tether normally complies with requests | from US authorities, being in contact with them almost on a daily | basis._ | | Rephrased as: "US Treasury, we're ready to lock & freeze as many | addresses as you need -- just give us the word!" | NikolaNovak wrote: | I am ignorant, but do they expect government to contact them? I | assumed sanctions are sanctions - you broadcast publish them | rather than try to inform each and every entity specifically. | So this feels like either incompetent ignorance, Or wilful | pretence ignorance. | | <snide comment> Which, hey, _Crypto_... </snide comment> | altairprime wrote: | > "a request to _freeze_ the addresses sanctioned" | | Emphasis added. The precision of their statement allows for | having received other requests. | WXLCKNO wrote: | The only stablecoin people should use through Tornado Cash is | DAI. | lavventura wrote: | this news was enough to pump Tornado Cash 50% and dumped 40% | afterwards | davidgerard wrote: | This looks a bit like Tether attempting to steal DeFi market | share from USDC - as Circle is a US entity, USDC blocked all the | addresses immediately. ___________________________________________________________________ (page generated 2022-08-24 23:00 UTC)