Cryptocurrency

<ul><li>Trezor is discontinuing its coinjoin feature, impacting privacy-focused Bitcoin transactions through its hardware wallets.</li><li>zkSNACKs, developer of Wasabi Wallet, shut down its coinjoin service due to regulatory uncertainty, affecting Trezor users.</li><li>Edward Snowden calls for integrated privacy features in cryptocurrency protocols in response to shrinking privacy options.</li></ul>Privacy advocate Edward Snowden <a href="https://twitter.com/Snowden/status/1786170805728039127" rel="noopener noreferrer nofollow">renewed</a> his call for built-in privacy features in cryptocurrency protocols after Trezor, a leading hardware wallet manufacturer, announced the discontinuation of its coinjoin service. This move follows the recent <a href="https://twitter.com/wasabiwallet/status/1786083838415769673" rel="noopener noreferrer nofollow">shutdown</a> of similar services offered by Wasabi Wallet and the exodus of crypto service providers from the US market due to regulatory uncertainties.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/9136575b12ac4cd4abf7368088d85b0c.png" />Trezor users will no longer be able to <a href="https://twitter.com/Trezor/status/1786126207924252979" rel="noopener noreferrer nofollow">utilize</a> the coinjoin feature within its Trezor Suite by June. The service facilitated through a partnership with zkSNACKs, the developer of Wasabi Wallet, aimed to obfuscate the origin and destination of Bitcoin transactions. While Trezor assures access to funds held in coinjoin accounts, the shutdown signifies a setback for cryptocurrency privacy options.Coinjoin allows users to combine their Bitcoin transactions with others, making it more challenging to track individual transactions on the blockchain. Trezor was the first hardware wallet to integrate this privacy tool, highlighting its initial commitment to user privacy in the cryptocurrency space.zkSNACKs, in a recent <a href="https://blog.wasabiwallet.io/zksnacks-is-discontinuing-its-coinjoin-coordination-service-1st-of-june/" rel="noopener noreferrer nofollow">blog post</a>, expressed their decision to terminate the coinjoin service stemming from a need for &#34;legal clarity.&#34; The company emphasizes that Wasabi Wallet will continue to offer alternative privacy features, such as client-side filtering and Tor integration.This shutdown follows zkSNACKs&#39; decision to restrict access to its services, including Wasabi Wallet, for US citizens and residents due to mounting regulatory pressure. It reflects a broader trend within the cryptocurrency space, with other service providers like Phoenix exiting the US market entirely due to regulatory uncertainties.The exodus of companies like <a href="https://x.com/PhoenixWallet/status/1783878658014249027" rel="noopener noreferrer nofollow">Phoenix</a> and the potential legal actions against MetaMask by the SEC paint a concerning picture for non-custodial crypto service providers in the US. The industry grapples with balancing user privacy with the need to prevent illicit activities, mirroring the concerns raised by Edward Snowden and others advocating for strong built-in privacy features within cryptocurrency protocols.

Coinjoin Shuttered by Trezor Amidst Privacy Concerns and Regulatory Pressures

CryptoTale

Other articles published on May 4, 2024

Kraken’s CF Benchmark Projects $1B AUM in Hong Kong ETFs by 2024 as Per Bloomberg’s Report

Bitcoin Revival: Whales Accumulate $2.8B BTC in Rapid 24-Hour Blitz

From Dogecoin (DOGE)'s EMA200 Success to Shiba Inu (SHIB)'s EMA100 Support: Join Furrever Token (...

Transforming Waste Management: RVM Token to Launch Presale on May 15, 2024

4 Trillion whale move helps PEPE to print greens

Rebase Joins Forces with Jarritos for Blockchain Campaign

Join our free newsletter for daily crypto updates!