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Signatories to Tornado Cash community fund evacuate position

Tornado Cash
Tornado Cash

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In a new development surrounding the crisis of the Tornado Cash, the signatories of the projects’ multi-signature community fund have vacated their position. This comes as a subsequent development to the ban on USDC and Ethereum wallets with connection to the secrecy tool. 

Recall that last year, community members of Tornado Cash initiated a fund to support prominent contributors to the secrecy tool. The community agreed on keeping the funds in a wallet created on behalf of the community. Furthermore, the community decided to pick five members based on their contribution to the project to serve as signatories to the wallet, allowing these signatories to validate transactions related to the wallet. 

These signatories have vacated their position, committing the management of the funds to a decentralized autonomous organization (DAO). As revealed, the signatories took this step to avoid incurring the wrath of the U.S government against them. Currently, it’s now a crime in the United States for people to use or have a connection with the secrecy tool, according to the sanctions placed on it. According to the sanction, Anyone caught using Tornado Cash or having a connection with it will either pay up to $10 million or attract a jail term of up to 30 years. 

According to reports, these signatories began to give up their duties on Friday. By Yesterday, the five signatories blocked their access to the wallets before leaving it to the DAO as custodians of the funds. The latest development spurred the attention of the community members on the issue, igniting a series of debates among them. 

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In one of the reactions, a community member opined that everyone connected to Tornado Cash could be considered a collaborator as long as the issue remains unattended. Yet, another maintained that the project might take an entire DAO posture with the latest development. The user urged token holders to rise to the occasion and take full responsibility.

Since the sanction by the U.S authorities, there has been a series of campaigns against the secrecy app. Recently, the Dutch Fiscal Information and Investigation Service announced the arrest of a suspect in connection to Tornado Cash. The Dutch authorities alleged that the fellow was the developer of the secrecy app. 

The FIOD revealed that the suspect had appeared before an examining Judge in a statement on its page; the suspect was arrested regarding allegations of aiding money laundering via Tornado Cash. The agency added that the secrecy tool had been under its radar for over a month. Lastly, notable crypto firms like Alchemy, Circle, Github, Infura, and dYdX have cut their relationship with the tool.

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