Welcome to Clutch’s weekly pocket news.
Each week, we’ll keep you up to date on C&C (Clutch & Crypto). We will share web3 news stories, Clutch Wallet updates, community news and most importantly, weekly memes.
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Tornado cash, an Ethereum-based crypto-mixing service, was banned on Monday by the U.S. Treasury Department, but that didn’t stop an anonymous Tornado Cash user from dusting hundreds of public wallets. Going forward, the Treasury Department will sanction the use of Tornado Cash wallets due to the volume of money laundering ($7 billion) on the mixer.
Following the dusting, a Tornado Cash developer was arrested in the Netherlands. Many crypto advocates are decrying this move and calling it a war on crypto. Known for sanctioning people or entities, this is only the second time the department has ever sanctioned a virtual currency mixer.
The third and final tesnet for Ethereum’s merge, Goerli, successfully made its transition from Proof-of-Work (PoW) to energy-efficient Proof-of-Stake (PoS). This “dress rehearsal” sets the stage for the completion of the merge scheduled for mid-September.
Some of the exploiters behind Nomad’s bridge attack last week were likely those who copied the key attacker’s code and executed their own attack, according to an analysis by Coinbase. Coinbase concluded that hackers took advantage of a Replica implementation by creating a message that tricks the bridge into sending stored tokens without authorization.
In our event with InPeak, we discussed the following:
If you’re joining in LA, keep an eye out for our co-founder, Bec Jones!