Why are wallet sanctions a problem for blockchains? - Crypto in Plain English - Episode 238 - by cryptohunt.it
Crypto in Plain English - by cryptohunt.it26 Aug 2022

Why are wallet sanctions a problem for blockchains? - Crypto in Plain English - Episode 238 - by cryptohunt.it

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Why are wallet sanction a problem for blockchains?

Welcome to the Cryptohunt Jam, where we spend one minute a day to explain crypto. In plain English.

Yesterday, we talked about Tornado Cash, a service that was sanctioned by the US government because it allowed money laundering on the Ethereum blockchain. With that also came sanctions of 45 specific wallets.

What that means is: No US company or individual can do business with, or interact with those wallets.

Sounds easy enough? Actually, this makes things pretty complicated.

You see - these wallets are still recorded on the Ethereum blockchain. By design, a blockchain’s history can’t be altered. And they will likely move money again, and there is nothing the US government can do about that.

When transactions happen, a blockchain validates those. That means it has to interact with the wallets by checking and updating their balance. And this could potentially violate sanctions, putting Ethereum miners at risk whether they want it or not if they operate out of the United States - which the majority do.

It also creates issues for anyone operating any software connected to Ethereum: They will have to make sure to ban wallets associated with Tornado Cash, but due to the nature of the service, it will be impossible to know which ones are.

There you have it - this is the first time sanctions like this have been put in place. Keep an eye on the news, because this might get interesting.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.

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