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Market news: Apples annual sales in India have surpassed $10 billion for the first time.Powerchip Technology: The overall market environment remains favorable for semiconductor companies, and we expect strong revenue and profit performance this year.Minutes of the Bank of Korea meeting: One member stated that the current interest rate hike measures alone are unlikely to be sufficient.On August 4th, Atsushi Takeuchi, a former Bank of Japan board member who participated in the Tokyo foreign exchange market intervention more than a decade ago, stated that if the yen shows signs of weakening again, Japan and the United States will "definitely" intervene jointly once more. Takeuchi said that the recent joint action by the US and Japan was highly effective, creating a market consensus that the yen would not continue its unilateral weakening. "It is now clear that, thanks to US support, virtually nothing can prevent the Japanese authorities from intervening," he said. "The US standing behind Japan and taking action has huge symbolic significance." "If I were managing a hedge fund, I wouldnt consider betting on USD/JPY right now." He indicated that the JPY/USD exchange rate is likely to fluctuate between 155 and 162 in the short term. "If the yen can maintain a level above 160 for another week or so, the market will see that level as a short-term bottom and begin to push the yen higher." "If the yen shows signs of weakening, Japan and the United States will definitely intervene again."Bank of Korea meeting minutes: One member stated that the timing and pace of any further interest rate hikes should be determined primarily by inflation.

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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