2024

Waves

Bitcoin

zkSNACKs has revealed plans to shut down its Coinjoin coordination service that allowed Wasabi Wallet users to increase their transaction privacy by mixing their coins with others. 
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 After years of relentless dedication to improve Bitcoin’s privacy, zkSNACKs, the company pioneering the development of Wasabi Wallet, is shutting down its coinjoin coordination service, effective June 1st, 2024. Blog post announcement link:<a href="https://t.co/zMxvQJuQFZ" target="_blank" data-wpel-link="external">https://t.co/zMxvQJuQFZ</a>— Wasabi Wallet (@wasabiwallet) <a href="https://twitter.com/wasabiwallet/status/1786083838415769673?ref_src=twsrc%5Etfw" target="_blank" rel="noopener" data-wpel-link="external">May 2, 2024</a>
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The decision, effective June 1, 2024, comes as a result of increased scrutiny by financial regulators towards crypto mixing services, which they believe could facilitate money laundering and the evasion of sanctions. 
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“Throughout our history, we have always made efforts to operate under legal clarity,” zkSNACKs stated in its <a href="https://blog.wasabiwallet.io/zksnacks-is-discontinuing-its-coinjoin-coordination-service-1st-of-june/" target="_blank" rel="noreferrer noopener" data-wpel-link="external">blog</a>. “At this point, we need to regain more certainty before moving forward.” 
While Wasabi Wallet itself will continue functioning as a standard Bitcoin wallet for sending and receiving transactions, the loss of its Coinjoin mixer significantly reduces its privacy capabilities. Other wallets like Trezor Suite and BTCPayServer that relied on zkSNACKs’ coordinator will also be impacted. 
Max Hillebrand, zkSNACKs’ CEO, called it “an honor and privilege” to have offered the mixing service. However, the company seems to be yielding to the regulatory winds battering crypto privacy tools. 
As authorities tighten their grip, Bitcoiners favouring financial privacy may have to look elsewhere or risk transacting in the open on Bitcoin’s radically transparent ledger. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/05/03/snuke-presale-reaches-300-sol-milestone-in-just-4-days/" target="_blank" rel="noreferrer noopener" data-wpel-link="internal">$SNUKE Presale Reaches 300 SOL Milestone in Just 4 Days</a> 
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Wasabi Bitcoin Mixer to Waves Goodbye on June 1

The Crypto Times

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