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OFAC Sanctions Several ISIS and Al-Qaeda Operatives in Maldives, Highlights Crypto Address Controlled by SDN Ali Shafiu
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By sanctioning Tornado Cash, a piece of code, the US Treasury have just broken their own US law. Here is why:
Can Russia circumvent sanctions with crypto?
How I made gains, lost them and then some
Mentions
This only applies for cash transactions, not ACH. OP should also check OFAC/SDN list for your name, which is a public list. Any positive hit on that requires an account freeze and will apply across the financial industry, including your traditional banking relations. This is not likely since your bank account doesn't appear to be frozen, but that could just be a lag on their part (314a checks happen every 2 weeks). Either way, op is definitely flagged on something for money launding concerns or has SAR filings. Any company participating in 314b will share their BSA warnings and findings with other institutions also.
I received quite a lot of Polkadot parachain tokens/coins (ACA, KAR, SDN, BSX) for locking DOT/KSM that are worthless now. Not sure why I keep them.
Afaik the charge is not about Tornado Cash itself but because of the founder was alerted that Lazarus was using it and didn't took any relevant action, at least as described [here](https://home.treasury.gov/news/press-releases/jy1702): ​ "After Semenov was alerted that Tornado Cash was being used to launder large volumes of stolen virtual currency for the Lazarus Group, he and his fellow co-founders continued to pay for infrastructure supporting the Tornado Cash service and took steps to increase the anonymity of the Tornado Cash service without appropriate measures to address the known illicit use by the DPRK. In April 2022, Semenov learned that an Ethereum address that was publicly attributed to the Lazarus Group and identified on the Specially Designated Nationals and Blocked Persons List (SDN List), containing hundreds of millions of dollars in stolen proceeds from the widely publicized $620 million Ronin bridge heist, was being used to send funds through Tornado Cash’s service. Semenov and his fellow co-founders put in place a front-end sanctions screening service, but did so knowing that this would be easy to evade, and did not take steps to sufficiently address active abuse by the DPRK. Despite his possession of information from publicly available blockchain analysis and inquiries from media, Semenov consistently ignored or downplayed the evidence that Tornado Cash was being used to launder stolen virtual currency for the DPRK, continued to participate in the operation and maintenance of the Tornado Cash service, and took no meaningful actions to prevent or mitigate the risk of actors using Tornado Cash to launder proceeds from their illicit activities following subsequent high profile heists. "
Yes, those databases are operated by companies like Chainalysis and TRM Labs. The only governmental blacklist of crypto addresses is the OFAC SDN list, but that only applies if the address has been officially sanctioned by the US government.
tldr; The article discusses a legal case involving the government's blocking of a cryptocurrency-related service called Tornado Cash. The government argues that Tornado Cash is a cryptocurrency mixing service that allows users to remain anonymous by obscuring the source and owner of cryptocurrency units. The Department of Treasury's Office of Foreign Assets Control (OFAC) added Tornado Cash to the Specially Designated Nationals and Blocked Persons (SDN) List, claiming that it facilitates anonymous transactions and has been used for money laundering. The court ruled that Tornado Cash is an entity that can be designated under the International Emergency Economic Powers Act (IEEPA) and rejected the plaintiffs' First Amendment claims. The court concluded that the government's blocking of Tornado Cash was legal and did not violate the First Amendment. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Try our free crypto chatbot at https://chat.coinfeeds.io*
tldr; On July 31, 2023, the U.S. Treasury's Office of Foreign Asset Control (OFAC) sanctioned Ali Shafiu, an ISIS operative associated with terrorist activities in the Maldives. Shafiu's cryptocurrency address on the TRON blockchain was included in his Special Designated National (SDN) list entry. He is connected to ISIS-K recruiter Mohamad Ameen and has worked in ISIS-K's media office. Shafiu owns or controls two Maldivian businesses, and he was previously arrested in Afghanistan for supporting ISIS-K. His TRON cryptocurrency address received around $18,000 in USDT_TRX, most of which was moved to a mainstream exchange. The exchange deposit addresses associated with Shafiu have also received funds from notable sources, including Iranian exchanges. The purpose of Shafiu's cryptocurrency transactions and their relation to ISIS-K's operations is unclear. The OFAC designations are seen as a positive step in combating cryptocurrency-based terrorism financing. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Kucoin is not registered in the US, but using it as an individual without KYC is not outlawed. It’s not on the SDN list. You seem to be confusing AML/KYC laws which apply to MSBs as being applied to individuals. It’s currently completely legal at the federal level for individuals to transact in crypto on non-KYC exchanges or P2P. You’re just required to self report that you transact in crypto/digital currencies and pay any cap gains or take cap losses on your income taxes.
The Astar developer team is meeting with the community to walk through how to **mint NFTs in a Wasm environment.** It's a change from the usual EVM tutorials elsewhere. Just make sure to bring 1.1 SDN tokens to create your dApp. This is less that 50 cents US. Hope to see you there!
tldr; After the collapse of UST in May 2022, Three Arrows Capital (3AC) has borrowed from almost every major lender, from BlockFi, and Genesis to Celsius. The collapse of FTX had an atomic bomb chain reaction, fusing a series of insolvency and FUD events. Bitcoin Cash has been placed on the US Treasury's SDN List for the first time. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
>Decentralization means you can send your money anywhere no matter who disagrees with you If you're a US citizen and you sent crypto to someone the USA has designated on the SDN I think they will disagree with you (unless you sufficiently covered your tracks).
tldr; The U.S. Office of Foreign Assets Control (OFAC) has placed a virtual currency mixer called “Tornado Cash” on the Specially Designated Nationals (SDN) sanction list. OFAC said the mixer is a “threat to national security” and has been used to launder millions of dollars from the Lazarus Group, a state-sponsored hacking group. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; Stablecoin issuer Tether has said it will not freeze addresses linked to Tornado Cash until it receives instructions from US law enforcement. The Department of the Treasury’s Office of Foreign Assets Control (OFAC) on August 8, 2022, sanctioned Tornado Cash, adding Ethereum and USDC addresses to its Specially Designated Nationals (SDN) list. However, Tether does not operate in the US or serve American customers. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; After the US Treasury added Tornado Cash addresses on Ethereum to the OFAC SDN list, DeFi applications like Aave and Oasis rushed to block sanctioned addresses from using their web interfaces. A threat to censorship resistance is a threat to the system’s raison d’être. Censoring front-end is not really a fatal issue per se. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
> OFAC, acting under Executive Order 13694 to place Tornado Cash on its Specially Designated Nationals and Blocked Persons List (SDN), has for the first time extended the EO’s definition of person or individual to include code. It’s almost as dumb as the [“corporations are people”](https://www.npr.org/2014/07/28/335288388/when-did-companies-become-people-excavating-the-legal-evolution) precedent in the US
> OFAC, acting under Executive Order 13694 to place Tornado Cash on its Specially Designated Nationals and Blocked Persons List (SDN), has for the first time extended the EO’s definition of person or individual to include code. It’s almost as dumb as the [“corporations are people”](https://www.npr.org/2014/07/28/335288388/when-did-companies-become-people-excavating-the-legal-evolution) precedent in the US
> OFAC, acting under Executive Order 13694 to place Tornado Cash on its Specially Designated Nationals and Blocked Persons List (SDN), has for the first time extended the EO’s definition of person or individual to include code. It’s almost as dumb as the [“corporations are people”](https://www.npr.org/2014/07/28/335288388/when-did-companies-become-people-excavating-the-legal-evolution) precedent in the US
No. Monero and Ethereum are not solutions to the same problem. I was merely comparing the censor-ability of them. And yes. Censorship is an attack. Refusing to mine transactions is censorship. My point here is that governmental pressure can force mining pools to censor transactions when addresses are exposed. That’s a fact. You can have an opinion that this would never happen, but it is happening. The proof of concept is old news. Selective censorship is real. You ignored all the examples of this to focus on one for some reason. Go read the Bitcoin fungibility graveyard by SethForPrivacy for innumerably more examples. Not sure how the threat of jail/prosecution for dealing with certain addresses does not count as an attack or censorship to you. The TornadoCash developer was arrested for writing code and certain tools/addresses became illegal to receive from. That’s not a problem to you? How is this different from fiat? Sure, if I am on the SDN list I can still hand you a dollar and vice versa, but no reputable person or company will handle my bank account transactions because I’m on the “bad” list. The mere ability to have a “bad addresses” list that governments and companies and mining pools can use to coerce others into not trading freely is a flaw. Can you explain why you want the government or have the information available to selectively censor addresses in Ethereum, Bitcoin, etc.? You find that to be a good feature for a tools invented to be private and censorship-resistant?
This is obviously bad but the same thing will have to be done by any miner /validator if there is regulatory pressure. As of now, OFAC has sanctioned a bunch of addresses but there is no clear communication that miners will have to stop processing blocks that have transactions from the sanctioned addresses. Despite that, Ethermine have by their own accord decided to stop processing TC transactions. One of the top BTC miners had earlier done the same for Bitcoin too: https://www.coindesk.com/tech/2021/05/07/marathon-miners-have-started-censoring-bitcoin-transactions-heres-what-that-means/ > Marathon Digital Holdings’ (MARA) new mining pool has mined a bitcoin block that is “fully compliant with U.S. regulations,” meaning the company has started excluding transactions from entities it believes are sanctioned by the U.S. Department of Treasury or have been involved in dark web activity. >The Marathon OFAC pool, which was first announced in late March, “refrains from processing transactions from those listed on the U.S. Department of Treasury’s Specially Designated Nationals and Blocked Persons List (SDN)” to stay “compliant with U.S. regulatory standards,” according to the company. If there is regulatory pressure, US based miners/validators/block producers will HAVE to resort to this, unless they want to be on the dock for violating sanctions law, which is no good for US based entities.
Not allowed to talk with him? Don’t think that’s true. The SDN list is all about financial dealings, not communication.
tldr; The US Treasury's Office of Foreign Assets Control (OFAC) added Tornado Cash to the Specially Designated Nationals and Blocked Persons (SDN) List that it administers. OFAC added Blender.io to the same list in May. Blender is a company or group of persons that provides Bitcoin mixing services. Tornado Cash has been used to launder more than $7 billion worth of virtual currency. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
The SDN list isn't a fucking joke. They'll fuck up your entire world if you mess with it. Maybe something to consider when your method of payment is 100% transparent
Totally support this move. USDC is too centralized and could cripple Maker if an OFAC SDN designated were ever implemented. I won’t use USDC anymore.
Transactions with Tornado Cash prior to the sanctions are not a violation of US law. Ex post facto laws are explicitly prohibited by the Constitution. Only transactions that occurred after TC was added to the SDN list are potentially in violation. This is (currently) a small pool.
tldr; The US Treasury Department blacklisted the virtual currency mixer Tornado Cash on Monday, saying the system "has been used to launder more than $7 billion worth of virtual currency since its creation in 2019." The platform was added to the Specially Designated Nationals and Blocked Persons List (SDN). Tornado Cash's open source code disappeared from GitHub, apparently just after the Treasury announcement. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; Web 3.0 development platforms Alchemy and Infura.io blocked remote procedure call requests to cryptocurrency mixer Tornado Cash. The move comes after the US Treasury placed 44 smart contract addresses linked to Tornado Cash in the Specially Designated Nationals and Blocked Persons (SDN) list. U.S. persons are prohibited with blockchain or business interactions with Tornado Cash under such sanctions. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; Tornado.cash has been added to the Office of Foreign Assets Control’s (OFAC) SDN list (the list of Specially Designated Nationals with whom Americans and American businesses are not allowed to transact). This means no American can send or receive money to or from those addresses without violating sanctions laws. OFAC sanctions operate as a regime of strict liability. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
SDN? Tell us about SDN. What is it? Why is it better than ORV? I only know it as "Special Designated Nationals" on a sanctions list, and "Software Defined Networks", which isn't anything to do with decentralized consensus.
Or even SDN, which is comparable but imo better than ORV
tldr; The US Treasury Department is sanctioning three ETH wallets linked to the North Korean hacking group behind last month’s Ronin Network attack. The wallets were officially added to the specially designated nationals and blocked persons list (SDN) on April 22. One of the wallets was linked to last month's hack of Axie Infinity, which saw $600 million worth of digital assets stolen. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; The U.S. Treasury has added three North Korean addresses to its Specially Designated National (SDN) and Blocked Persons List. Lazarus Group, a state-backed hacking group based in North Korea, was behind a $551.8 million attack on Axie Infinity and the Ronin blockchain last month. The Treasury added that anyone who transacts with the addresses "risks exposure to US sanctions" *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
SDN List Special Designated Nationals (i think)
The three reasons: 1. American companies can no longer trade with Russians placed on the SDN List in any medium 2. The Bitcoin market, and the cryptocurrency market as a whole, is too small to save the Russian economy 3. Vladimir Putin has been preparing his plan for years, and Bitcoin was never really part of it Saved you a click
The average russian may be able to use crypto to save themselves from ruin but after reading through that twitter thread, it does seem like Russia the nation has way better/efficient ways of bypassing sanctions. Such as their Yuan and Gold stashes. Plus the entities that are on the SDN list cant transact with US exchanges anyways. So it doesnt need new laws.
Not to mention Bitcoin isn't uncensorable like OP posits. Sure, the protocol itself is permissionless but if Russia were to try to use Bitcoin to buy from international suppliers, the host countries of those suppliers can and will shut them down / jail the owners for violating sanctions. Even worse, since Bitcoin are so easy to track and flag, the coins used in those transactions can be made virtually worthless by disallowing people from using them in transactions with legitimate businesses. It's like OP has no idea how things like OFAC's SDN list work or are enforced (hint: it's not just at the protocol level)
I think I'm just involved with interesting projects. I'm not a pro, neither will I call myself a noob. I've been in the space for a while. But I'm simply just having fun with the projects I follow. DIA for instance, it was at first just a token to hodl, then the option to deposit in Binance Flexible Savings for some passive income. The partnership with Shiden Network made it easy to earn even better APY staking SDN for DIA. Then the option of staking DIA NFTs came up. And I went through this journey. I can tell the same story for a couple more tokens I hold. It's not enough to buy and HODL. Participate in the community. Know what's new and have fun. And that's basically my plan.
With the Lightning Network, we should be able to financially incentivize p2p messages through onions. A big problem with TOR is that routing nodes now just do it for either academic/hobby/altruistic purposes or are run by intelligence agencies. If I can pay for you to route my data, it could open up the idea of SDN, or software defined networks on top of Lightning. Its funny how there are Bitcoin and Lightning nodes on TOR and we might then be able to build a TOR like network on top of Lightning.
I guess you are right. I stake SDN for DIA tokens on Shiden Network. Pretty cool APY. DIA isn't a bad asset to HODL & accumulate. You can also put DIA on Binance Flexible Savings for passive income. IMO, DIA is gearing up for a major move. After last week's listings on coinbase, huobi, and [crypto.com](https://crypto.com) exchanges, the asset got a 50% surge within 24hrs. That to me shows a huge interest in the project. Also, prominent people are joining the DIA ecosystem. The most recent being Amor Sexton of coinbase as a new DIA labs mentor. Bigger stuff loading, I'm sure.
I told a newbie this week these same words when he asked why I have continued to buy DIA despite market turmoil. I see the future ahead for the project, some 3 to 5 years from now, DIA won't be at current prices. Fundamentally, the project looks sound. Team working round the clock to make sure product looks prime and up to date for mass adoption. Interesting partnerships that drive value to the ecosystem; take, for instance, the partnership with Shiden Network where I can earn some [DIA tokens](https://coinmarketcap.com/currencies/dia/) passively by staking SDN. The recently launched Alpha Pools for DIA genesis nft art holders. And a whole lot more. I believe that these developments will have an effect on the price of this asset in the long run.
It's also best when you Hodl while receiving some passive income on your tokens. Like putting in my DIA on binance flexible savings while accumulating more DIA while staking SDN on Shiden Network feels super cool.
I was just confused because DOT has those parachains like MOVR, SDN, CLV, etc., but it looks like ATOM is working with major blockchains like LUNA, CRO, and BNB and linking them together. I’m definitely thinking about ATOM.
Is SDN on track to be my first coin to crash to 0?
SDN, down 70%. Next worst is ADA at down 40%, but I still plan to keep DCAing
SDN, HNT, both are capable of 10x
Shiden network SDN, Nano, Chain Link, Uniswap
SDN, pumped because of a Huobi listing
Shiden Network - SDN - suckon deez nuts
Look at the chart of SDN. It has been consolidating and going sideways at the 3 dollar level, never going below & it's breaking out of the downward trend it has been having lately. It's also a project with potential being linked with Astar, Kusama & Polkadot.
>QRDO Allow me to shill on your shill, SDN guys check it out. It has held support at the $3 level several times now & has been consolidating. Looks like it could be breaking out soon
Audited by Certik + most holders on SDN = ez moon shot
Thats what i invested in so far ( yes i sold LRC and OXT before the 100 % race thsi week -.-) LRC/EUR ANKR/EUR CHZ/EUR OXT/Euro STORJ/EUR 1INCH/EUR OXT/Euro SDN/EUR CHZ/EUR BNC/EUR BNC/EUR OXT/Euro SC/Euro BNC/EUR CHZ/EUR SDN/EUR SC/Euro MANA/EUR
The apps also have a supercharger when you vault your cro and get rewards in different tokens based on the cro you vault and for how long. Latest supercharger rewards include: dydx, SDN, and upcoming HBAR
If you're truly looking for a high risk high reward project. Have a look at SDN. With the max supply and low market cap I'd say it could do very well for anyone getting in at this point
Thoughts on SDN? Someone has recommended it to me
What is going on with the trading volume for SDN? Moon time? 3500+% today https://coinmarketcap.com/currencies/shiden-network/
Btw, do you have any number I should at least put in the charger to make it "worth it"? This upcoming one has a pool of 300,000USD (in SDN)
I'm having a fun bet on SDN right now. But it's money I'm okay with potentially losing
All my holdings are in the top 100 more or less because I'm not that into risky plays (for crypto standards) & shitcoins. SDN is so far my only exception
Between MOVR and SDN, I choose SDN. Fml
Short term SDN, little longer ALGO