U.S. sanctions Tornado Cash

Tornado Cash is in the crosshairs of American officials. Market Activity Total Market Cap 1.09T (-4.48%) 24 Hour Volume 71.01B (+15.32%) Notable Movers[(MINA) $0.9289]( (+2.08%) Notable Movers (DeFi)[(KAVA) $2.24]( (+1.47%) Bitcoin Dominance 40,58%[(-0.03%)]( Bitcoin Price[(BTC) 23,081.36 (-4.52%)]( Ethereum Price[(ETH) $1,684.89 (-6.21%)]( Cardano Price[(ADA) $0,5107 (-5.24%)]( Editor's Note Reddit Goes Web3 Today, the “front page of the internet” is getting even closer to Web3. The community comment platform will now be using FTX Pay and Arbitrum to let users pay for their Community Points gas fees with fiat. Reddit has been around for a long, long time — it’s even three years older than Bitcoin. And one of the website’s most charming features is its almost total lack of design updates. Even with the latest design change a few years ago (the first one in over a decade), the website still looks pretty much the same as it did back in 2005. It’s also still possible to use the original Reddit design. For a website that has resisted change, at least on a superficial level, for almost 20 years, it’s definitely interesting that it’s able to simultaneously embrace Web3 tech — but maybe that’s the charm of it all, blockchain-based tokens on a website that reminds you of your childhood. Spotlight of the Day Network Talks DeFi]( In today’s CMC Community spotlight, Woo Network explains just how DeFi stakers can find institutional yield opportunities. For more articles from CMC Community, [read here]( Today’s Top Stories Check out [CoinMarketCap Alexandria]( for tech deep dives, analysis, daily news and easy-to-understand guides on how crypto works! [Today’s Top Stories ] . sanctions Tornado Cash]( 🌪 The U.S. has sanctioned Tornado Cash, amid allegations it's been used to launder more than $7 billion worth of cryptocurrencies over the past three years. Treasury Department officials claim the Lazarus Group, sponsored by North Korea, has used this tool extensively after stealing digital assets. "Tornado Cash has repeatedly failed to impose effective controls designed to stop it from laundering funds for malicious actors," officials say. Tornado Cash is based on the Ethereum blockchain — and obfuscates the origin and destination of crypto transactions, as well as who is sending and receiving the funds. The sanctions mean "all property" belonging to Tornado Cash that's based in the U.S. must now be blocked. resumes withdrawals]( 🚨 As hundreds of thousands of people remain locked out of their crypto savings, some good news if you're with Zipmex… kind of. The exchange says users will now be able to withdraw part of the Bitcoin and Ether in their accounts later this week. However, the amount of crypto that can be withdrawn will be capped. It comes days after Solana, XRP and Cardano withdrawals were allowed to resume. Estimates suggest about 60% of users will end up getting their funds back in full as a result of the relaxed rules. Zipmex was caught up in the crypto contagion because it had exposure to Babel Finance. The Thai Securities Exchange Commission has been seeking information on how many customers have been affected. [A-listers pressured over NFTs]( 👀 A-list celebrities are being urged to disclose whether they have a connection to the NFT companies they are promoting. Truth in Advertising has sent letters to a number of stars — including Gwyneth Paltrow, Floyd Mayweather and Paris Hilton. The organization claims business relationships with major collections need to be disclosed under FTC law. "The bottom line is celebrities who promote NFTs generally aren’t helping improve the financial literacy of their fans and followers. And while some of these celebrities are able to take risks due to their massive wealth, many vulnerable consumers don’t have that luxury," Truth in Advertising said. It's previously taken action against Justin Bieber and Reese Witherspoon. Thanks for reading! Have a great day — more news tomorrow! [Facebook]( [Twitter]( [Instagram]( [Telegram]( Written by Molly Zuckerman and Connor Sephton Was this email forwarded to you? [Sign up here](. WANT MORE CRYPTO BITES? [Sign up here]( for Daily Newsletters, Promotions and Events and Prices [App Store]( [Google Play]( [ADVERTISE]( | [CAREERS]( | [FAQ]( © 2022 CoinMarketCap [Unsubscribe]( [coinmarketcap.com]( CoinMarketCap OpCo LLC, 8 The Green, STE 6703, Dover, Delaware 19901, United States