• Former Tornado Cash developer, Ameen Soleimani, has now developed a new mixing service called Privacy Pools to address a critical flaw of the sanctioned crypto mixer.
• Privacy Pool’s public demo goes live and it enables customers to demonstrate their compliance with local laws while protecting anonymity when conducting on-chain transactions.
• In 2022, American authorities forbade local citizens from using Tornado Cash due to North Korean hacking group Lazarus using the site to launder stolen money.
Introduction
Former Tornado Cash developer, Ameen Soleimani, has now developed a new mixing service called Privacy Pools to address a critical flaw of the sanctioned crypto mixer.
What is Privacy Pools
Privacy Pools uses zero-knowledge (ZK) proof enabling its users to demonstrate that their withdrawals are not a part of illegal transactions. With Privacy Pools, ethereum (ETH), the second-largest cryptocurrency, can be anonymously sent and received using a demo of the new coin-mixing tool. However, unlike Tornado Cash, it enables customers to demonstrate their compliance with local laws while protecting anonymity when conducting on-chain transactions.
Why was Tornado Cash Sanctioned?
In 2022, American authorities forbade local citizens from using Tornado Cash due to North Korean hacking group Lazarus using the site to launder stolen money. The US Treasury Department claimed that Tornado Cash was crucial in laundering more than $7 billion.
Privacy Pool’s Public Demo Goes Live
Privacy Pool’s public demo is currently available online and it can be used as an American citizen without any issues with local laws or regulations. The team behind Privacy Pool are still working on fixing some bugs in the code before releasing it for general use in full capacity.
Conclusion
Ameen Soleimani has addressed one of the major issues with crypto mixers through his development of Privacy Pools which allows users to anonymize their transactions while also demonstrating compliance with all applicable laws and regulations at the same time.