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Shapeshift is being forced to implement KYC/AML policies, says Erik Voorhees

Priya

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Shapeshift is being forced to implement KYC/AML policies, says Erik Voorhees
Source: Unsplash

Erik Voorhees, the CEO of Shapeshift, spoke about whether or not privacy and KYC/AML rules could co-exist, in an interview on WhatBitcoinDid. He also spoke about decentralized exchanges being a solution for participating in the cryptocurrency space, without giving away personal details.

ShapeShift, one of the leading cryptocurrency exchanges across the globe, introduced mandatory Know-Your-Customer and Anti-Money Laundering policies last year, resulting in the exchange facing the community’s backlash. Further, the main reason for the majority of the community speaking up against this move was because users could avail the platform’s services without having an account, which was bought to an end by the policy.

On whether or not privacy and KYC/AML could co-exist, Voorhees said,

“No, I mean this is why it was such a devastating thing for us to do because I personally and as a company respect the right of individuals to have financial privacy forcing KYC on people violates that right? So, I don’t support that the fact that we are doing, it isn’t because we support that, it’s because we are essentially being forced to do that”

This was followed by Voorhees stating that several people failed to understand this, thinking that the exchange changed their principles because it changed the policy.

“We didn’t it is wrong and I believe it is morally wrong to require people to surrender their personal information I believed that years ago, five years ago and I believe it today”

Furthermore, he was asked whether a decentralized exchange was the only way to resist surveillance economics as suggested by Andreas Antonopoulos, the author of Mastering Bitcoin. To this, Voorhees stated that “any path a company goes down is not decentralized by definition.”

He further stated that there were several decentralized exchanges that have been imposing KYC, adding that “it is not as clean-cut, that a decentralized exchange can avoid these issues and a centralized exchange cannot.” Voorhees said,

“There’s a lot of nuance to it and depends a lot on the structure of the entity, on the risk tolerance of the individuals involved on the jurisdictions that are being considered it’s not an easy question”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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GateHub: Stolen XRP funds transferred to prominent exchanges

Namrata Shukla

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GateHub stolen XRP funds moved to Bitfinex and OKEx
Source: Pixabay

The GateHub hack that took place earlier this month resulted in the exchange losing nearly 23 million XRP worth approximately $9 million. However, Whale Alert, a tracker of large crypto transactions, alerted the community of these stolen funds being moved to various different exchanges.

One of these exchanges was identified to be Bitfinex, which received 400,025 XRP on June 16 at 10:57:22 UTC. The sender’s address was r4hyDYXv7iV3oCahxQzqYYfgxwyBx3AyMN and was identified to be from the GateHub hack 2019. The receiver’s address was identified to be Bitfinex’s- r9o9MerrS7d2GAEs6JPj4v4JcvZAJNtLUY. The hash rate of the transaction was 21124F7818A2903E9750456D603CC9AACC9DBE6CE2EF0AA191C734339B4CA682 and the transaction details were as follows:

Source: Whale Alert

Source: Whale Alert

Another transaction was noted to take place to the Bitfinex wallet address where 100,000 XRP was transferred from another identified GateHub hack address. The identified Bitfinex’s wallet address was rDcz7P9YMpffLKhRBovTzhUr3wKtk3y9q7. This wallet address was quick to transfer the funds immediately to another exchange, OKEx. OKEx previously received 3,000 XRP from the stolen funds to an identified OKEx address- rUzWJkXyEtT8ekSSxkBYPqCvHpngcy6Fks. The hash rate of the transaction was noted to be BE97F68A20E996A2E1A37228DCBD45A1F26E8E2B3A842E9FCFFF7721157C1C37 and following were the transaction details:

Source: Whale Alert

Source: Whale Alert

The stolen funds were moved to another prominent exchange, Binance, and CZ was swift to inform Whale Alert that he would look into it. However, the crypto users did not find any relief about these funds going to other exchanges as the exchanges did not respond to the large transactions.





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