Regulatory sanctions against Tornado Cash 7885


Not long ago the cryptocurrency community received some very bad news. From the title of the article it can be guessed that it is about the Tornado Cash mixer and related sanctions. As you may know, the US Treasury Department has added Tornado Cash to the sanctions list. It would seem that for regulators this is not the first such measure in relation to some cryptocurrency project. However, there can be serious consequences for the crypto industry. Let’s go through it all in order.

About Tornado Cash

Tornado Cash is a protocol that runs on the Ethereum blockchain. The protocol appeared in the summer of 2019. The startup has attracted a lot of attention from the community. It has even attracted the interest of Vitalik Buterin, one of the creators of the Ethereum digital asset.

Tornado Cash has its own native token, TORN.

One may wonder what the new cryptocurrency project’s popularity is all about. The answer lies in the fact that Tornado Cash is a cryptocurrency mixer. In addition, many people prefer to remain anonymous when working with cryptocurrency, Tornado Cash just might give that anonymity.

In order to maintain confidentiality, holders of digital assets could use Tornado Cash. That is, if you have some amount of, for example, Bitcoin, and you find a buyer who wants to transact anonymously, the best way to do so is to use a cryptocurrency mixer. In this case, you can transfer Bitcoin to Tornado Cash. The protocol will conduct the transaction to the buyer, already using the new address.

In this way both parties of the transaction remain anonymous.

It begs the question: why is such a seemingly promising project, which was in demand among the cryptocurrency community, on the Ministry of Finance’s sanctions list?

The answer lies in the anonymity of the transactions. It is no secret that along with honest people in the industry, it is not uncommon to find scammers and fraudsters. There are such unscrupulous people in any industry, especially when it comes to finance.

Many cryptocurrency exchanges have had to introduce identity verification procedures to ensure that illicit funds are not laundered through them. Where there is anonymity, crime is likely to emerge.

As we remember from the example above, it was possible to remain anonymous using the Tornado Cash protocol. There is the answer: the regulator did not like it. The US Treasury Department suggested that fraudsters could easily launder money or engage in other financial scams using the cryptocurrency mixer.

How could sanctions threaten the cryptocurrency industry?

There is a great deal of expert opinion that sanctions against Tornado Cash will affect the entire cryptocurrency industry. Many believe that similar sanctions could affect DeFi in the future. All projects that do not have KYC and AML identity checks are also likely to fall under all sorts of sanctions and bans.

Such services have always attracted scammers who want to launder illegally obtained funds. But these are experts’ opinions, and only time will tell what will happen in practice. All we can do is wait and see.

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LibreScan, Your Decentralized Blockchain Explorer (DBE) Founded by QANplatform 11244

LibreScan, one of the first multi-chain Decentralized Blockchain Explorers (DBE), is now available for public use. Users can anonymously self-host LibreScan for tracking Ethereum, Binance Smart Chain, or any EVM-compatible blockchains on their own devices. The developer community is encouraged to contribute to this open-source project by connecting their preferred Layer 1 or Layer 2 blockchains to LibreScan.

The collapse of FTX serves as a compelling illustration of the crypto community’s dependence on centralized entities and tools, including centralized exchanges and blockchain explorers such as Etherscan or BscScan. The sudden downfall of FTX, a top 10 centralized exchange, had a profound impact, affecting not only over a million registered users who were unable to access their funds but also causing significant disruptions in the broader cryptocurrency market. This incident underscores the precarious nature of relying solely on centralized platforms for trading and tracking blockchain and cryptocurrency transactions.

The foundation of blockchain technology is decentralization. Unfortunately, the reality is that most of the crypto community relies on centralized services like Etherscsan or BscScan. Blockchain explorers, while invaluable for monitoring transactions, are centralized points of access to blockchain data. According to website analytics tool Similarweb, the two most used centralized block explorers, Etherscan and BscScan, are in the top 7,000 visited websites globally, with 22 Million total monthly visits in August 2023.

Centralized blockchain explorers not only monitor their users, linking their wallets to IP addresses but also represent a critical point of failure. Imagine waking up one day unable to access these explorers to track your blockchain data. If a government were ever to seek to prohibit cryptocurrencies, they could effectively disable these services, cutting off access for up to 99% of users, as there would be no graphical user interface available. The crypto community must carefully weigh the trade-offs between convenience and decentralization to ensure the long-term resilience and security of the ecosystem.

LibreScan offers a solution that enables users to run their self-hosted blockchain explorers while maintaining anonymity. It also provides users with 24/7 access to a graphical blockchain explorer interface if major blockchain explorers become unavailable for any reason.

LibreScan is founded by QANplatform, which has recently launched the world’s first private blockchain that is both quantum-resistant and compatible with Ethereum’s EVM, while also enabling developers to code smart contracts in any programming language. The QAN Private Blockchain explorer already uses LibreScan.

About LibreScan

LibreScan is one of the first EVM-compatible self-hosted Decentralized Blockchain Explorers (DBE). It was founded by QANplatform, built by the crypto community for the community. Developers can contribute to the open-source project where they can connect any blockchain platform with LibreScan. Cryptocurrency users will be able to run their own blockchain explorer on their own device and always have secure access to their blockchain explorer without being tracked.


About QANplatform

QANplatform is the quantum-resistant Layer 1 hybrid blockchain platform that will allow developers and enterprises to build quantum-resistant smart contracts and Web3 solutions on top of the QAN blockchain platform in any programming language. In February 2023, Alpine Esports, a Group Renault brand, and inter alia in the Formula 1® Esports Series, signed QANplatform as its Official Blockchain Partner to create practical use cases. QANplatform was selected for the EY (Ernst & Young) Global Startup Academy 2023 Program.



Coinigy Enhanced “Boards” Feature For Crypto Trading Analysis and Visualization 11301

Coinigy, the leading provider of crypto trading platforms, is excited to announce the launch of its new and improved “Boards” feature which allows traders to craft tailored perspectives of cryptocurrency markets. This allows for detailed cryptocurrency insights including comprehensive overviews of the entire digital asset landscape, all conveniently presented on a single screen.

The Boards feature brings a new dimension to crypto trading technical analysis. Traders have the ability to curate their trading environment by assembling a variety of informational panels onto a single dashboard. This can encompass a multitude of elements such as TradingView charts with real-time market data, aggregated news feeds, portfolio balances, and much more. The result is a holistic and customizable window that suits the unique preferences and strategies of individual traders.

Users have the ability to create, share, and replicate their personalized Boards with others. This fosters an ecosystem of shared insights and strategies, allowing traders to learn from one another and adapt successful approaches to their own trading. With the click of a button, users can import a fellow trader’s Board layout, gaining immediate access to a tried-and-tested visual configuration.

“Coinigy is dedicated to enhancing the trading experience for our users,” said William Kehl, Co-Founder of Coinigy. “Boards exemplifies our commitment to innovation by giving traders the tools to visualize the crypto markets in ways that suit their preferences.”

The Boards feature is expected to have a positive impact on how traders analyze and approach the crypto market. The customization options, combined with the ability to learn from peers, give a competitive edge in a fast-paced and ever-evolving industry.

For more information about Coinigy and its innovative tools, visit

About Coinigy

Coinigy is a leading provider of cloud-based cryptocurrency trading platforms. The Coinigy platform connects to more than 45 different exchanges such as Binance, Coinbase, Kucoin, and Kraken, with a database including pricing history for multiple digital assets. Coinigy offers an array of practical tools designed to optimize your digital portfolio management, including features such as TradingView charting, real-time price and volume alerts, a cryptocurrency screener, smart portfolio monitoring, and many other tools. With a strong focus on user experience, security, and innovation, Coinigy simplifies cryptocurrency trading, equipping users with the confidence and tools necessary to navigate the digital asset market seamlessly.

Twitter: @coinigy

Hydranet Launches Layer 3 DEX: A Game Changer for Trustless Cross-Chain Trading 11283

Hydranet, known for its expertise in off-chain trading, just released the Hydranet DEX, a Layer 3 trading platform that integrates multiple off-chain protocols to enable trustless, cost-effective and near-instant cross-chain trading. The Hydranet DEX made its official debut as a mainnet beta on September 23, 2023, following more than a year of dedicated development. The release signifies a major milestone in the project’s history, whose future promises even more groundbreaking developments.

I am really proud of us. We have evolved from a small project to a currently #700 mature DeFi project with a great 2023/24 roadmap ahead. – Joe Park, project manager of Hydranet

Hydranet presents their DEX as a Layer 3 trading platform that connects the Bitcoin and Ethereum ecosystems (including all off-chain compatible Ethereum Virtual Machine (EVM) networks), allowing users to trade seamlessly between them. By their use of off-chain protocols, such as the Lightning and Connext Vector technologies, crafted into a single solution that allows these protocols to interact, Hydranet has made it possible to trade between fundamentally different blockchains with virtually no fees, near-instantly, and, most importantly, in a trustless manner, as users will always retain full control of their funds.

Off-chain protocols play a pivotal role in this solution and refer to a set of rules, specifications, and frameworks that define the standards and procedures for conducting transactions outside the blockchain using what is commonly known as state channels. Unlike on-chain transactions, which necessitate miners’ confirmations, off-chain transactions are distinguished by their instant transaction times, minimal-to-no transaction fees, high level of privacy and trustless operations. These attributes make off-chain transactions particularly useful for microtransactions, frequent interactions, and scenarios where real-time responsiveness is crucial.

Recognizing the benefits of off-chain protocols, Hydranet has undoubtedly taken advantage of them in creating a solution that will meet the long-standing demand for a cost-effective trading platform capable of bridging fundamentally different blockchains without compromising security, integrity, and scalability. This trading platform is now available as a downloadable desktop client from Hydranet’s official website.

The platform comprises a self-custodial wallet, a state channel management interface, and an order book for trading on its Layer 3 exchange. Trades on the exchange are secured using Hashed TimeLock Contracts (HTLC) which guarantees that they are completed in accordance with what is agreed upon, or not completed at all if either one of the trading parties attempts to manipulate the trade. Below is a video showcasing a mainnet Bitcoin to Ethereum trade using the latest version of the Hydranet DEX.

The Hydranet DEX is currently hosting a set of four trading pairs to start off with:

  • aETH – BTC
  • BTC – aUSDT
  • HDN – aUSDT
  • ETH – BTC

These trading pairs effectively bridge the Bitcoin, Ethereum and Arbitrum (denoted as ‘a’) blockchains and highlight the capabilities of the trading platform. Adding support for other trading pairs and networks is said to be as easy as adding a few lines of code.

With all the excitement surrounding this new type of trading platform and how it will develop in the future, Hydranet emphasizes that this is only the beginning of the Hydranet DEX cross-chain future and more news is coming.

About Hydranet

Hydranet is a Decentralized Autonomous Organization building the world’s first Layer 3 off-chain decentralized exchange. With a commitment to trustlessness, efficiency, and scalability, their vision extends beyond the confines of traditional on-chain exchanges.

Polkadot reveals future-proof scaling updates at sub0 developer conference 11434

Developers of Polkadot, the blockspace ecosystem for boundless innovation, will start testing a new process that will provide radical scaling solutions for the network within a matter of weeks.

The plans were unveiled at sub0, the Polkadot Developer Conference, by Sophia Gold, Engineering Lead at Parity Technologies, a leading contributor to Polkadot.

She said asynchronous backing would enable Polkadot to more than triple its number of validators by the end of 2024 to around 1,000, describing this as “the most significant evolution of parachain consensus since we launched parachains almost two years ago.”

She added: “What’s unique about backing in Polkadot is that it’s enshrined – it’s implemented natively on the protocol level and not on the smart contract level, which gives us capital efficiency and censorship resistance. Asynchronous backing enables flexible scheduling for our future scaling work through elastic scaling and instantaneous coretime. We have a credible roadmap to get Polkadot to support 1,000 parachains and 1m+ transactions per second. The design is there – we know how to scale Polkadot for the indefinite future.”

A release of asynchronous backing is due to be deployed to Polkadot’s Rococo testnet in about two weeks.

Habermeier expands blockspace narrative

Sophia Gold was followed on-stage by Polkadot cofounder Robert Habermeier, who unveiled new concepts and architectural components that would enable roadmap features first outlined at Polkadot Decoded in June.

These features, including those known as ‘agile coretime’ and ‘elastic scaling’, would enable more flexible and efficient use of Polkadot’s blockspace and computing power, better serving innovators at all stages of growth, and taking the network beyond the existing parachain model.

He outlined a proposal for a new process of submitting work to Polkadot that would enable the network to process a much wider range of activity than parachains alone, including the ability to deploy smart contracts directly to a Polkadot core.

He explained: “This is how you would get to the point of cores being used by different parachains or bundled in all these different ways without having to enshrine that directly into Polkadot’s protocol. Rather, we make it possible through experimentation at higher levels.”

This new model would also enable a much anticipated feature known as atomic composability, enabling simultaneous execution of operations from multiple parachains at a time for more complex cross-chain transactions.

Accelerating smart contract delivery

The second day provided some important updates on the work carried out by OpenZeppelin on the OpenBrush contract library, intended to ease the development of Polkadot’s native ink! smart contracts. This includes the creation of easily implementable and extensible smart contract standards and translating Solidity contracts into ink!.

Felix Wegener, Security Services Manager of OpenZeppelin, said: “We made suggestions on how to change design choices, tooling, upgradeability and macros, and moving forward we see great promise in the ongoing developments of the Polkadot ecosystem.”

João Santos, Project Manager of OpenZeppelin, said his team had proposed open-source parachain runtimes and underlying FRAME pallets to accelerate the development and deployment of new and secure parachains.

He added: “We believe the initial step here is a generic runtime to allow projects to have a common base and start building immediately. Then we can start taking the learning we had developing this runtime, take the community feedback and then think about what’s next.”

New Ledger app coming

Juan Leni, CEO of Zondax, a major software developer for the Ledger hardware wallet, explained how his team is developing a new Ledger app for Polkadot that depends on verifiable metadata. He said: “I haven’t seen anything similar in other ecosystems. It will feature very minimal updates to the runtimes and to the wallets, we started research and development back in June.”

The single Ledger app can support any parachain in the Polkadot ecosystem, a boost for user experience of cold wallets on Polkadot, as previously, a separate app was required for each network. The app will feature clear signing of all transactions for maximum security.

His colleague Fernando Theirs said: “The integration for new parachains should be super simple. If you respect the metadata protocol it should be almost out of the box.”

Attendees also heard how Snowbridge, an Ethereum bridge to be built on the Polkadot Bridge Hub, is in position to deploy on the protocol’s canary network before the end of the year.

The plan is for each parachain to have its own dedicated messaging channel to Ethereum, unlocking a high degree of flexibility. Snowbridge is a trustless, decentralized mechanism for linking the Ethereum and Polkadot ecosystems, and is designed for general purpose.

About Polkadot

Polkadot is the blockspace ecosystem for boundless innovation. It enables Web3’s biggest innovators to get their ideas to market fast, with flexible costs and token options. By making blockchain technology secure, composable, flexible, efficient, and cost-effective, Polkadot is powering the movement for a better web.

dxFeed Launches Innovative “Faces of the Crypto Market” Index Family to Define Cryptocurrency Market Dynamics 11634

dxFeed, a trailblazer in data solutions and index management for the global financial industry, including both traditional and crypto sectors, proudly announces the launch of the dxFeed Faces of the Crypto Market™ (ticker symbol “FACE𝑛”) Index Family. This innovative index family empowers investors, analysts, and financial professionals to comprehensively analyze and decipher the complex dynamics of the cryptocurrency market.

“The Faces of the Crypto Market Index Family is designed to provide a distinctive perspective on the cryptocurrency landscape by decomposing the underlying price movements of the market into a set of rigorously defined benchmarks,” said Anton Antonov, Head of Index Management and Quantitative Research at dxFeed. “Employing our proprietary methodology, each index within the FACE𝑛 family corresponds to an independent risk source, offering a novel holistic representation of the diverse crypto asset universe.”

Unlike conventional approaches that rely on simple averages or market cap-weighted averages, FACE1, the flagship index of the family, provides a more accurate characterization of the entire market. Notably, it explains a significant portion (typically over 60%) of the total price variation, underscoring its efficacy in capturing market dynamics. Meanwhile, FACE2 presents an “anti-market” portfolio, comprising crypto assets with distinctive return structures, offering a contrasting perspective.

Further enriching the FACE𝑛 family are indices FACE3 to FACE6, representing additional risk sources with minimal intercorrelation among the index family members. While FACE1, FACE2, and to some extent FACE3 demonstrate persistence over time, the composition of other indices exhibits a more fluid nature. This fluidity, however, unveils coins with distinctive behavior and notable contributions to overall market risk, spotlighting their significance in the market ecosystem.

The FACE𝑛 indices serve as invaluable benchmarks for portfolio managers, providing comprehensive insights into market dynamics. Moreover, these indices can stand as independent assets, offering strategic diversification and hedging opportunities in various scenarios.

The journey into the realm of indices commenced in the fall of 2022, when dxFeed introduced an array of pioneering indices. Notable amongst these are Bixie, a US Dollar Index (USDX™) crypto-twin, Honest Gold (HAU™), Crypto Ortho 500 (COSM™) Indices, and Blockchain Value Index Family. These earlier innovations laid the foundation for the revolutionary FACE𝑛 Index Family, which promises to redefine cryptocurrency market analysis.

About dxFeed

dxFeed is a leading market data and services provider and calculation agent for the capital markets industry. According to the WatersTechnology 2022 IMD & IRD awards honors, it’s the “Most Innovative Market Data Project.” dxFeed focuses primarily on delivering financial information and services to buy- and sell-side institutions in the global markets, both traditional and crypto. That includes brokerages, prop traders, exchanges, individuals (traders, quants, and portfolio managers), and academia (educational institutions and researchers).

Solar Dex to relaunch on Quai Network 11613

While many solutions for blockchain scalability have been proposed, they remain unable to crack the blockchain trilemma, sacrificing security and decentralization. Quai is the first blockchain protocol that is simultaneously decentralized, censorship resistant and infinitely scalable. Quai, in contrast to traditional cryptocurrencies, functions as a network of many interoperable blockchains braided together. Due to a breakthrough discovery that occurred during research on proof-of-work, Quai Network utilizes a new consensus mechanism, proof of entropy minima (PoEM), which eliminates all consensus-based forks and enables all Quai nodes to remain in “perpetual consensus.”

Solar Dex began as the first United States-based decentralized exchange on Solana, and will now be pivoting to build on Quai as one of its first DEXs. Due to a loss of TVL on Solana and many Solana-based projects moving strictly to NFTs, the Solar team has decided to get ahead of the DeFi curve and take advantage of Quai’s low-cost, high-speed decentralized network in order to better position Solar Dex for the next bull run. The team at Solar is building on top of Quai Network to “ensure a more sustainable future for Solar Dex.”

Roy Fardin, chief business officer, said: “After talking to the Quai Network team, we have never been more bullish about a layer 1 with scalability and its passion for growth. It was a clear eye-opener that they care about DeFi and want other projects that utilize this network to succeed. The vision behind Quai brings the best of Ethereum and Solana all together into this new network.”

Solar Dex will be reworking the DEX into several components as it builds on Quai. The DEX will not only support traditional swaps, but also add in customizable swap themes. In addition, Solar Dex’s Solar Sentries NFTs will allow staking as a yield opportunity derived by all exchange fees earned from Sentry Mode projects.

Richard, CEO of Solar Dex, said: “On top of traditional DEX swaps, Solar Dex will be adding limit orders on Quai. “We’re doing a total revamp of the website and DEX which should be very aesthetically pleasing and simplistic to onboard new users to DeFi and also Quai.”

With Quai’s Iron Age Testnet beginning in September 2023, Solar Dex will be prioritizing its deployment on Quai for the coming months. There will be incentives to beta-test Solar DEX on Quai and additional generalized rewards will be provided by Quai for participating in the Iron Age Testnet. On top of this, the Solar team will be adding a surprise feature to the DEX to build excitement for Quai’s testnet launch, as well as utilizing its incentive program to reward holders.

With backing from Polychain Capital and an expert team with backgrounds at Apple, GridPlus, Tesla, Consensys, Circle and more, Quai is excited to usher in a new generation of innovative applications that don’t sacrifice decentralization.