Seattle, Washington – September 19, 2022 (Newsfile Corp.) (Investorideas.com Newswire) KaJ Labs is a staunch supporter of cryptocurrency, fairness and justice. To that end, the Lithosphere creators and builders have expressed their willingness to support the legal defense fund for Tornado Cash developer, Alexey Pertsev. The announcement came after the U.S. Treasury’s Office of Foreign Assets Control (OFAC) enacted sanctions on the Tornado Cash crypt mixing platform.
This is the first sanctioning of its kind by OFAC of an open-source code platform operating without guidelines by a corporation or other entity. The action has been criticized by multiple cryptocurrency companies.
The Treasury further alleges that Tornado Cash laundered more than $7 billion in digital currency since it’s 2019 launch, along with $485 million stolen by hackers in the North Korean state-sponsored Lazarus Group. The U.S. also claims Tornado Cash laundered over $100 million stolen in 2022 during two heists – one from Harmony Bridge and the other from Nomad.
The offer by Lithosphere creator KaJ Labs is significant. The company supports penalties against bad actors. However, the sanctions levied against Tornado Cash encompass an entire cryptocurrency platform and keeps digital funds out of the hands of innocent holders.
About KaJ Labs
KaJ Labs is a decentralized research organization focusing on AI and blockchain technology. We’re driven to create innovative products that work for the greater good around the globe.
Lithosphere is the next-generation network for cross-chain applications powered by AI and Deep Learning.
This news is published on the Investorideas.com Newswire – a global digital news source for investors and business leaders
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com