Tornado Cash, the protocol that enable crypto people to initiate private transactions, was banned by US Treasury. The reason why it happened is "to reduce illicit money laundering by bad actors" as CNBC News mentioned. Welcome to the first sanction on a De-Fi protocol!

Crypto ecosystem did not appreciate this move by the Treasury. Even, it led to some rumors that the next target of Treasury may be either the decentralized exchanges like Uniswap or the stablecoins that are created by smart contracts rather than some centralized issuers.

After the Treasury, USDC & Github Took Actions

When the news was declared, I thought that many crypto users can eliminate the frontend restriction and initiate transactions via smart contracts.

Then, we got the news. There are some ETH wallet addresses that are associated with Tornado Cash. BLACKLISTED!

Blacklisted ETH adressses, a.k.a, death list: Treasury Gov.

When the list was shared, I thought that some regulation-friendly projects will jump into it. BOOM, USDC was the early bird to restrict the access to these smart contract addresses by people via blacklisting!

Result: The funds are frozen 🥶

Question: Is USDC the Black Swan in crypto?

If you do not trust centralized stablecoins, you have several options in crypto market. Though USDC and USDT are leading the stablecoin market, you can easily find a decentralized stablecoin (like HBD in Hive) and use it.

Yet, you cannot find another Github the moment you wish for it!

Github Failed, as well.

Github is an amazing place to build software and check open source projects. Though there are several stablecoins, there is only one Github.

Unfortunately, Github suspended the accounts of contributors of Tornado Cash. Although repositories were removed, you can use Waybackmachine and reach them. Yet, it is not the problem.

Problem: Github is centralized.

As we witnessed today, centralized service providers cannot be trusted when there are some threats to crypto regulations. We need a decentralized (and popular) Github alternative asap.

Sanctions, Exploits & Blacklists, De-Fi on target

No doubt, We are on the right way! Building for a fair and better future should never be targeted by any parties. However, we will see immense attacks on the well-being of the De-Fi ecosystem, Bridges, and Layer 2 solutions.

The sanction on Tornado Cash made people wonder the question:
Which project will be the next victim?
Uniswap? Algo-stablecoins? Centralized Exchanges?

Today was a disappointing day for crypto people. We admitted that Github is untrustworthy and USDC can sacrifice anyone for the sake of regulation. The solution is hidden under these problems: Decentralization!