According to a recently published report, Uniswap has blocked 253 cryptocurrency addresses allegedly tied to crimes or government sanctions.
However, the non-profit that focuses on policy issues facing crypto assets, Coin Center, believes the U.S. Treasury Department’s Office of Foreign Asset Control “overstepped its legal authority.” Coin Center is researching the legalities of the Tornado Cash ban and plans to “engage” with OFAC to discuss the matter.
While Uniswap has been updating its TRM Labs-gated front end, there’s likely a whole lot more crypto companies and decentralized finance protocols following the same measures. For instance, on August 8, Bantegthat the Centre Consortium, the stablecoin issuer operated by Circle Financial and Coinbase Global, blacklisted 75,000 USDC that belonged to Tornado Cash users.
“I think this is the first case when a pool has been frozen and not an individual account,” Banteg said at the time. The issues surrounding Tornado Cash and the precautions taken by defi teams like Uniswap, expose the underlying weakness in so-called ‘decentralized finance’ protocols and whether or not they truly are decentralized.
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