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NIS, a Russian-controlled oil company, said it has applied for a new license from the U.S. Treasury Department’s Office of Foreign Assets Control in order to continue operating after June 16.Bank of Japan: Governor Kazuo Ueda will submit written comments at the June meeting, but will not participate in the vote.It is understood that the British government is developing plans to revise the steel tariff system.According to Japans Kyodo News, Japan is negotiating with the U.S. Treasury Department to extend sanctions waivers for Russias Sakhalin-2 energy project.On June 10th, RBC Capital Markets (RCM) predicted that rising energy prices would continue to push up overall US inflation, with little prospect of significant relief in food prices, especially after recent reports of rising beef prices. The bank expects core CPI to rise 0.3% month-on-month in May, with year-on-year growth reaching 2.9%. RCM believes that higher jet fuel prices will continue to push up core services inflation, while a tight labor market and resilient wage growth limit further declines in core services inflation. Meanwhile, core goods inflation has been supported by rising new and used car prices in recent months, which has somewhat masked price pressures on trade-sensitive goods such as clothing, personal care products, and auto parts. Both the ISM manufacturing and services surveys show that business input costs are rising sharply. Recent PPI data indicates that businesses still have the pricing power to pass on higher costs to consumers. Therefore, RCM expects businesses to continue passing on upstream cost pressures in May, with both overall PPI and core PPI rising 0.6% month-on-month and year-on-year growth reaching 6.3% and 5.5%, respectively. Furthermore, a survey conducted by the National Federation of Independent Business (NFIB) in April showed a significant increase in the proportion of businesses planning to raise product prices over the next three months, approaching 30%. This indicates that the process of passing on business costs to end-user prices may continue throughout the summer, thus providing further support for inflation trends in the coming months.

DEX dYdX Blocks Tornado Cash Affiliated Accounts Citing US Sanctions

Jimmy Khan

Aug 12, 2022 14:47

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This week, the Office of Foreign Asset Control (OFAC) and the US Treasury imposed an outright ban on Ethereum, putting the decentralized non-custodial privacy solution therein in serious jeopardy.


The government not only forbade its residents from utilizing the services, but it also established similar guidelines for cryptocurrency firms, telling them not to collaborate with the platform. Since that time, dYdX has been the first decentralized exchange to take action in its direction.

After a tornado, dYdX

The DEX gave its clients an explanation of the cause of the Tornado Outage on the platform in a blog post published yesterday.


As the $625 million Axie Infinity Ronin Bridge assault, where Tornado was utilized as a way to transport the stolen cash around, is one of the most well-known hacks in the history of cryptocurrency, the OFAC banned Tornado Cash.


Beyond this, however, Tornado's privacy regulations made it a go-to for thieves. Thus, the OFAC declared it obligatory to avoid Tornado Crash in order to eliminate the likelihood that the same would be sponsored from inside the nation.


As a result, a sizable number of customers saw that dYdX had disabled their accounts because of their connection to Tornado Cash, according to what the DEX had to say.


"This sudden influx of flags affected many account holders who have never directly interacted with Tornado Cash, and frequently such users do not realize the origin of the funds transferred to them during various transactions prior to interfacing with our platform, but we must nonetheless maintain certain restrictions," said Tornado Cash.

A terrifying storm with a tornado

Things started to fall apart as the crypto facilitator platform dealt with OFAC prohibitions, and in only three days, the network's native token, TORN, reached new lows.


Trading for TORN was spotted at $16.3, down from $30 less than a week ago, a drop of more than 45%.


Investor losses as a result of this abrupt blacklisting are unprecedented since the platform has been permanently blacklisted, making it unable to recoup from the price collapse of 45%.


And now that both DeFi and non-DeFi crypto exchanges are acting in this way, things are only going to grow worse for TORN moving ahead.

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