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Crypto

Tornado Cash Blacklisted, U.S. Inflation Cools to 8.5%

Crystal Xue
Crystal Xue

U.S. Treasury Blacklists Crypto Mixing Service Tornado Cash

The Office of Foreign Assets Control (OFAC) has blacklisted crypto mixing service Tornado Cash and all of its Ethereum addresses for allegedly facilitating the laundering of more than $7 billion worth of cryptocurrencies. [1] As a result, all Americans are prohibited from interacting with Tornado Cash or any of the Ethereum wallet addresses tied to the protocol. The service is known to be used by North Korean crypto hackers that use stolen funds to help finance the nation’s nuclear weapons program, according to OFAC.

Tether and Circle to Support Ethereum Proof of Stake Transition

Two of the largest centralized stablecoin issuers, Tether and Circle, announced they will support Ethereum's transition to Proof-of-Stake and not a potential Proof-of-Work fork. [2] Ethereum’s Proof-of-Stake system will rely on trusted networks of validators to process transactions, eliminating the need for crypto mining hardware. [3]  

U.S. Inflation Eases to 8.5% in July But Remains High

US CPI inflation dropped slightly to 8.5% in July from its 40-year peak, partly due to the decrease in energy prices. While inflation remains near the record high, crypto markets have responded positively. Bitcoin jumped 2% and Ethereum 7% after the announcement, signaling hopes of a potential cool-off. [4]

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Sources

  1. Crypto-Mixing Service Tornado Cash Blacklisted by US Treasury

2. Tether, Circle Pledge Support for Proof-of-Stake Ethereum

3. Stablecoin Giants Circle, Tether Back Ethereum’s ‘Merge’—A Bad Sign For Those Pushing a Hard Fork

4. US Inflation Slowed to 8.5% in July, CPI Report Shows; Bitcoin Jumps


Please note that this article is for informational purposes only. Alpaca Crypto LLC does not recommend any specific cryptocurrencies.

Cryptocurrency is highly speculative in nature, involves a high degree of risks, such as volatile market price swings, market manipulation, flash crashes, and cybersecurity risks. Cryptocurrency is not regulated or is lightly regulated in most countries. Cryptocurrency trading can lead to large, immediate and permanent loss of financial value. You should have appropriate knowledge and experience before engaging in cryptocurrency trading. For additional information please click here.

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Crypto

Crystal Xue

Crystal Xue is a Content Marketing Manager at Alpaca. She's passionate about financial literacy and creating content that helps investors navigate financial concepts and products.