Wednesday

Arkham

Tornado Cash

Tornado

BlackRock

<h4><strong>This transfer raises legal concerns, highlighting the complexity and unpredictability of managing digital assets.</strong></h4>
<p>While initial reports suggested the wallet was directly owned by BlackRock, it has been clarified.</p>
<h5><strong>Clarifying Ownership: The BlackRock Fund Wallet Connection</strong></h5>
<p>The wallet is merely associated with BlackRock’s BUIDL fund and not under its direct control. This distinction is crucial as the fund, which holds $100 million in USD Coin (USDC), navigates the complexities of the digital finance landscape.</p>
<p>BlackRock <a href="https://www.sec.gov/Archives/edgar/data/2013810/000201439024000001/xslFormDX01/primary_doc.xml" target="_blank" rel="noopener noreferrer nofollow">filed</a> with the SEC on March 14 to offer its BUIDL fund, marking a significant foray into the realm of digital assets. However, within 24 hours of announcing the fund, the associated wallet began receiving an array of tokens and NFTs from various addresses.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">CORRECTION: A wallet associated with <a href="https://twitter.com/BlackRock?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@BlackRock</a>'s new institutional fund received 0.97 unsolicited ETH via Tornado Cash within hours of the fund launching; the wallet was not controlled or owned by BlackRock itself.|<a href="https://twitter.com/httpsageyd?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@httpsageyd</a> reports<a href="https://t.co/xAtU5Xrte4" rel="noopener noreferrer nofollow">https://t.co/xAtU5Xrte4</a> <a href="https://t.co/OZlASxujWD" rel="noopener noreferrer nofollow">https://t.co/OZlASxujWD</a></p>
 <p>— Laura Shin (@laurashin) <a href="https://twitter.com/laurashin/status/1770941889870487832?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 21, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>Notably, it received 0.97 ETH moved through Tornado Cash, as <a href="https://platform.arkhamintelligence.com/explorer/address/0x13e003a57432062e4EdA204F687bE80139AD622f" target="_blank" rel="noopener noreferrer nofollow">identified</a> by on-chain analytics firm Arkham Intelligence.</p>
<p>The transaction was initiated by the ENS domain “reltor.eth,” which interacted with the Tornado Cash Router contract. Blockchain data from <a href="https://etherscan.io/tx/0x9b17e7db1dd7df0a5380f2599e0e3693165fc0e2fe0b33ae84adf86555abb384" target="_blank" rel="noopener noreferrer nofollow">Etherscan</a> reveals that the ETH from Tornado Cash reached the wallet associated with BlackRock’s fund at 10:35 a.m. ET on a Wednesday morning, several hours before the official fund announcement by BlackRock.</p>
<h5><strong>More About the BlackRock Fund</strong></h5>
<p>This incident raises significant compliance and legal concerns, particularly in light of U.S. Treasury regulations. According to the Treasury, any U.S. person or entity, including financial institutions, in possession of blocked property such as ETH from <a href="https://www.altcoinbuzz.io/?s=tornado+cash" target="_blank" rel="noopener noreferrer nofollow">Tornado Cash</a>, is mandated to report their situation to the Treasury’s Office of Foreign Assets Control (OFAC). This highlights the challenges and duties of U.S. financial entities, particularly with digital assets facing regulatory or legal scrutiny.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">We have 2 additions to the Top5 narratives MTD and they have one thing in common:</p>
 <p>1. Privacy: Pushed by Tornado cash and funds being sent to Blackrock wallet</p>
 <p>2. RWA: Pushed by Blackrock's SEC filing for a tokenization fund</p>
 <p>They haven't been in the top5 narrative for long time.… <a href="https://t.co/I9LlOnJwTN" rel="noopener noreferrer nofollow">pic.twitter.com/I9LlOnJwTN</a></p>
 <p>— Crypto Koryo (@CryptoKoryo) <a href="https://twitter.com/CryptoKoryo/status/1770822649368723672?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 21, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>The unsolicited ETH transfer to a BlackRock-associated wallet showcases the complex challenges of digital asset management in a developing regulatory landscape. It underscores the need for vigilance and compliance in digital asset ventures, especially when involving sanctioned entities</p>
<p><a href="https://www.patreon.com/altcoinbuzz" target="_blank" rel="noopener noreferrer nofollow"><img decoding="async" class="aligncenter wp-image-124240" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-300x37.jpg" sizes="(max-width: 714px) 100vw, 714px" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-300x37.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-1024x127.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-768x95.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-696x86.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-1068x132.jpg 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1.jpg 1197w" alt="Coins" width="714" height="88"></a></p>
<div class="youtube-embed" data-video_id="Oy9hGjhDsJE"><iframe title="Top Solana Crypto GEMS - Don't Miss These 7 SOL Coins💎" width="696" height="392" src="https://www.youtube.com/embed/Oy9hGjhDsJE?feature=oembed&amp;enablejsapi=1" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div>
<p><strong>Disclaimer</strong><br> The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p>
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/unsolicited-eth-to-blackrock-fund-wallet-sparks-legal-worries/" rel="noopener noreferrer nofollow">Unsolicited ETH to BlackRock Fund Wallet Sparks Legal Worries</a> appeared first on <a href="https://www.altcoinbuzz.io" rel="noopener noreferrer nofollow">Altcoin Buzz</a>.</p>

Unsolicited ETH to BlackRock Fund Wallet Sparks Legal Worries

Altcoin Buzz

Other articles published on Mar 22, 2024

Gary Gensler advised crypto industry to use ‘disinfectant’

Experts Keep Close Eye on Solana, Render Token and KangaMoon, As KANG Skyrockets 180%

Amid NEAR Protocol’s Growth, Investors Rush to BlockDAG Presale for 5000x ROI, As Batch 3 Ends an...

Top Analyst Pinpoints 12 Tokens with Potential For 10x in the Next Four Months

DeeStream (DST) Buzzes with Ethereum Classic (ETC) & Tether USDT (USDT) Gains in Early March Rally

Backtested DCA strategy suggests selling Bitcoin at ‘extreme greed’ most profitable

Join our free newsletter for daily crypto updates!