As a researcher with a background in cryptocurrency and privacy technology, I’m deeply disappointed by zkSNACKs’ decision to shut down its Coinjoin coordination service for Wasabi Wallet. For years, I’ve been following the development of this innovative solution that significantly improved Bitcoin’s transaction privacy.
ZkSNACKs announced their intention to discontinue the coordination service for Coinjoin, which was utilized by Wasabi Wallet users to enhance their transaction confidentiality by blending their coins with those of other users.
After decades of unwavering commitment to enhancing Bitcoin‘s privacy, zkSNACKs, the trailblazing team behind Wasabi Wallet, has announced the closure of their coinjoin coordination service as of June 1, 2024. [Link to blog post]
— Wasabi Wallet (@wasabiwallet) May 2, 2024
Starting June 1, 2024, this decision has been made in response to intensified oversight from financial regulatory bodies concerning crypto blending platforms. They hold concerns that these services might be used for money laundering activities or the circumvention of sanctions.
In the course of our past, we’ve consistently strived for legal transparency in our operations. Now, it’s essential for us to restore clarity and certainty before progressing further.
While Wasabi Wallet maintains its role as a typical Bitcoin wallet for carrying out transactions, the absence of its Coinjoin mixer noticeably weakens its privacy features. Similarly affected are other wallets such as Trezor Suite and BTCPayServer that previously relied on zkSNACKs’ coordinator.
I, Max Hillebrand, CEO of zkSNACKs, felt deeply honored and privileged to have provided the mixing service. Nevertheless, it appears that our company is bending to the regulatory pressures bearing down on crypto privacy tools.
With increasing regulation, individuals prioritizing financial privacy in their Bitcoin transactions might need to explore alternative methods or accept conducting business openly on Bitcoin’s highly transparent blockchain.
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2024-05-03 04:52