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CryptoQuant CEO Voices Out Concerns On DOJ’s Stance on Privacy-Driven Technologies
Ki Young Ju, the founder and CEO of CryptoQuant, recently expressed his support for crypto mixing, emphasizing that such activities are not illegal. This comes in the wake of the arrest of Samourai Wallet’s founders, raising concerns within the crypto community about the U.S. government’s aggressive stance on the crypto industry.
Ki Young Ju’s Stance on Privacy and Crypto Mixing
Ki Young Ju highlighted the importance of privacy as a fundamental principle of web3. He stated, “Privacy is a core value of Bitcoin. Mixing itself is not a crime. Even crypto exchanges utilize mixing to protect user privacy. It’s akin to punishing the inventor of the knife rather than the one who uses it.”
Edward Snowden’s Criticism of the Arrest
Edward Snowden, the well-known NSA whistleblower, echoed similar sentiments, criticizing the arrest of Samourai Wallet’s founders. He advocated for financial privacy to be the default setting, stating, “Privacy must never be ‘exceptional,’ or they will make it criminal.”
DOJ’s Allegations Against Samourai Wallet Founders
The U.S. Department of Justice accused Keonne Rodriguez and William Hill of operating a crypto mixing service that allegedly laundered over $100 million from illicit dark web markets. Prosecutors claimed that the service facilitated approximately $2 billion in unlawful transactions since its establishment in 2015.
Crackdown on Privacy Technologies
U.S. regulators have been targeting privacy-preserving technologies like crypto mixers. In a similar incident in 2023, the DOJ charged the developers of the Tornado Cash crypto mixing service with various offenses. The FBI has also warned against using unregistered cryptocurrency money-transmitting services and urged compliance with existing KYC and AML laws.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
