According to blockchain analytics company TRM Labs, the Tornado Cash sanctions present significant challenges for cryptocurrency companies attempting to adhere to US legislation. TRM Labs delivers information to crypto companies like Uniswap, Aave, and Circle, enabling them to track illegal activities and adhere to various rules. It allows crypto companies to avoid interacting with black money or unscrupulous actors by monitoring crypto addresses and classifying them according to their level of risk. Additionally, it determines if addresses comply with US sanctions. TRM Labs Shares Info Related to DeFi Standards On August 15, the company released a statement outlining how it uses DeFi standards to help customers try to stay compliant. For the first time, a collection of smart contracts rather than customary blockchain wallets have been sanctioned by the Office of Foreign Assets Control (OFAC), according to TRM Labs. When it comes to wallets, it is usually simple to tell if someone has engaged with them by sending or receiving money. Smart contracts, however, are more intricate. Dusting Attacks The blockchain intelligence firm provides information on whether an address is a sanctioned address and whether it has direct or indirect exposure to sanctioned addresses when a crypto firm pings it with an address (to check whether it is compliant). TRM Labs, however, emphasized that ‘dusting’ attacks are a unique issue. The company can...
Why XRP Might Be the Next Crypto to Surge?
