As someone who has closely followed the crypto market and its developments, I strongly support CryptoQuant CEO Ki Young Ju’s stance in defense of Samourai Wallet co-founders. The US Department of Justice’s (DOJ) charges against these pioneers in Bitcoin privacy technology is a concerning move that threatens the very essence of Bitcoin – privacy.
I’ve taken note of Ki Young Ju, the CEO of CryptoQuant, voicing his opposition to the US Department of Justice’s (DOJ) charges against two co-founders of crypto mixing service Samourai Wallet.
The CEO’s stance aligns with most opinions from experts and investors in the broader crypto market.
CryptoQuant CEO Stands by Samourai Wallet Co-founders
About a week ago, Samourai Wallet’s co-founders, Keonne Rodriguez and William Lonergan Hill, were taken into custody by the Department of Justice (DOJ) for allegedly engaging in money laundering activities. The least severe consequence they might face is five years in prison, while the most extreme penalty could be as long as twenty years.
The US authorities took action to apprehend those involved, as part of their initiative to investigate and charge the application of crypto blending techniques. According to regulators, such methods can potentially be employed by illicit actors and unfriendly governments for disguising financial dealings.
I’ve observed CryptoQuant’s CEO expressing strong criticism towards the DOJ for bringing charges against Samourai Wallet founders, Rodriguez and Hill. He emphasized that these individuals are trailblazers in Bitcoin‘s privacy technology field. In his viewpoint, preserving privacy is a fundamental aspect of Bitcoin itself.
The US DOJ has arrested pioneers in #Bitcoin privacy technology.
Privacy is a fundamental aspect of Bitcoin. The practice of mixing transactions, which is distinct from illegal activities, serves to protect user privacy. Even reputable crypto exchanges employ this technique for their clients’ privacy preservation.
It’s like punishing the inventor of the knife instead of the one who uses it.
— Ki Young Ju (@ki_young_ju) April 25, 2024
The CEO contends that incorporating cryptocurrencies is lawful and emphasizes that crypto exchanges employ this feature to protect their customers’ privacy. He drew a comparison between the founders’ arrest and penalizing the creator of a knife rather than the person wielding it.
The founders’ arrest has sparked controversy within the crypto community, with some expressing disagreement over this action. One user stated that this move by the US government seems to target Bitcoin’s privacy features. As reported, the pair under arrest are allegedly responsible for processing more than $100 million in transactions from illicit dark web markets.
I’ve observed reports suggesting that Samourai, the platform in question, has allegedly enabled around $2 billion worth of illicit transactions from 2015 up until now. This estimation is based on the conversion of the bitcoins laundered through it into US dollars.
Additionally, Rodriguez and Hill allegedly earned approximately $4.5 million in commissions from the transactions they processed through their mixing service. According to the indictment, varying fees were charged depending on the specific feature used.
I’ve observed from recent reports that Rodriguez was arrested on Wednesday morning and will make his court appearance in Pennsylvania later today or tomorrow. Similarly, Hill was apprehended in Portugal on the same day and is expected to be transported to the United States for trial.
Currently, a request for a seizure warrant has been made for the Samourai mobile app on the Google Play Store, and the Samourai Wallet website, previously based in Iceland, has been taken over by authorities.
Benefits of Crypto Mixing
it’s commonly held that the main purpose of employing a Bitcoin tumbler is to preserve users’ confidentiality. It’s important to note that every cryptocurrency transaction is publicly recorded. Consequently, crypto blending allows an experienced user to trace the funds back to their originator if not properly disguised.
To safeguard their funds and maintain anonymity, users can employ the services of a crypto-mixer. This is especially important for those aiming to conceal their digital currency transactions, particularly when making lawful purchases.
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2024-04-25 17:21