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Tornado Cash dev launches ‘regulatory compliant’ crypto mixer

tornado-cash-dev-launches-regulatory-compliant-crypto-mixer
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Tornado Cash dev launches ‘regulatory compliant’ crypto mixer

Former Tornado Cash developer, Ameen Soleimani, has now developed a new mixing service called Privacy Pools to address a critical flaw of the sanctioned crypto mixer.

In cryptocurrency, privacy is a top concern for many users. One solution to this issue has been mixing services, which allow users to anonymize their transactions by blending them with other users’ transactions. 

One such service that gained popularity in recent years is Tornado Cash. However, it has some flaws. The critical one is that users cannot prove they are not associated with a criminal enterprise laundering or stealing funds. Its former dev Ameen Soleimani now introduces Privacy Pools to address these issues.

What is Privacy Pools

Soleimani asserts that Privacy Pools will fix the issues with the crypto mixer. The novel mixer uses zero-knowledge (ZK) proof enabling its users to demonstrate that their withdrawals are not a part of illegal transactions.

With Privacy Pools, ethereum (ETH), the second-largest cryptocurrency, can be anonymously sent and received using a demo of the new coin-mixing tool.

However, unlike Tornado Cash, it enables customers to demonstrate their compliance with local laws while protecting anonymity when conducting on-chain transactions.

“My goal is to have a privacy tool that I can use as an American citizen. This has always been my goal—it was the goal when we made Tornado Cash in the first place.”

Former Tornado Cash developer Ameen Soleimani

However, Soleimani warned that the development is an unaudited experimental piece of code, and the group is still working to fix some bugs.

In 2022, American authorities forbade local citizens from using Tornado Cash. The authorities resorted to this to stop the North Korean hacking group Lazarus from utilizing the site to launder stolen money. The US Treasury Department claimed that Tornado Cash was crucial in laundering more than $7 billion.

Privacy Pool’s public demo goes live

Private Pools’ demo version is currently available online.

https://twitter.com/ameensol/status/1632083054272430080?t=hx4Y5-0ahRDBBF2XfSpBxQ&s=19

Privacy Pools has already gained some attention in the cryptocurrency community, with several users eager to try it out. Soleimani is optimistic about the project’s future and hopes to continue improving it.