Aztec Response to FTX

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Response from the Ethereum Privacy Platform Aztec to FTX’s “Freezing” of User Accounts

Aztec Response to FTX
Aztec Response to FTX / Image Credit: CRYPKYP
Source: Decrypt
1660991991 20 Aug / 10:39

FTX, one of the biggest cryptocurrency exchanges in the world, is allegedly "freezing" the accounts of customers who used Aztec's services, according to consumer concerns. Aztec is an Ethereum-based platform that responded to these allegations on Twitter on Friday.

Aztec Network tweeted today, "We are aware of rumors that FTX is advising consumers not to connect with Aztec. It claimed to be taking proactive steps to prevent "would-be criminal users" from using its service, making it simpler for Ethereum dealers to communicate privately with DeFi applications.

The account of one of its users who had paid money to an Aztec address had been suspended, according to a revelation earlier today by Chinese journalist Colin Wu. Wu tweeted that FTX has "recognized Aztec as a mixing service" and that the exchange was advising its users to stay away from Aztec.

The warning follows the contentious U.S. government ban on Tornado Cash, an Ethereum mixing service. The protocol and a few related wallet addresses were sanctioned by the U.S. Treasury Department last week, prohibiting U.S. citizens and businesses from utilizing the tool. The decision has significantly impacted the cryptocurrency market, and several businesses and initiatives have taken preventative action to keep clear of instruments that make it more difficult to trace the origin of funds.

The rate of deposits and withdrawals has been slowed, and it is now simpler to identify addresses that could be used to launder money, according to Aztec. It tweeted, “We will not be passive in stopping illegitimate activities.” FTX was contacted by the initiative, which also stated on Twitter that it is committed to “pursuing dialogues with global authorities, centralized exchange organizations, and customers.”

Although FTX has not yet released an official comment, CEO Sam Bankman-Fried of FTX said on Twitter that claims of account freezes were “garbled” in response to the outrage.

He tweeted, “That does not mean that any accounts were frozen. We always check transactions for AML compliance and perform increased due diligence on particular trades. When Decrypt asked FTX for a comment, they did not get back to her immediately.

While this is happening, Aztec made it plain in its article today that it will not compromise customer privacy to stop unauthorized usage of its service. It tweeted, “User security is a key privacy benefit. “We’ve failed in our objective if our network is utilized to damage consumers.”

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