Privacy without Terrorists
summary
Covers Tornado Cash origins, MolochDAO funding and the admin key set to zero, the August 8 2022 US Treasury sanction after North Korea laundered over $600 million, and two developers receiving five year prison sentences; presents a technical alternative from a paper coauthored with Vitalik and Chainalysis researchers called privacy pools that uses KYT checks, association sets and a rage quit escape hatch; reports over $20 million anonymized on mainnet, and announces Privacy Pools v2 with a shielded pool live on Sepolia and compliance by default.
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chapters (38)
- 0:00Introduction
- 0:11Gratitude for Being American
- 0:51Why Cypherpunk Values Depend on American Law
- 1:19The Origins of Tornado Cash
- 1:49MolochDAO Funding and the Immutable Admin Key
- 2:10The Team That Rage Built It in Three Weeks
- 2:20Personal Privacy and Supporting Ukraine
- 2:43North Korea and the Treasury Sanctions
- 3:04Supporting Roman Storm at the Courthouse
- 3:26Why the Devs Could Not Be Liable
- 3:45The Compliance Tool They Built
- 4:00Why the Conviction Makes Everything Illegal
- 4:30Why Roman's Appeal Must Succeed
- 4:45The Protocol That Grew After the Sanctions
- 5:04The Anonymity Set Responsibility
- 5:36With Great Power Comes Great Responsibility
- 5:55Correcting the No Legitimate Use Case Narrative
- 6:16The Federal Reserve Report Recommendation
- 6:35Why the Honeypot Problem Matters
- 7:21How Association Sets Work
- 7:49Separating Good Money From Bad
- 8:00Presenting the Paper at the Bank of International Settlements
- 8:14How the Deposit and KYT Check Works
- 8:35The Rage Quit Escape Hatch
- 8:50A Year Live: Over $20 Million Anonymized
- 9:21Why Shielded Pools Beat Confidentiality
- 9:42Compliance by Default
- 10:09How Rejecting a Deposit Protects Everyone
- 10:34Features: Private Payments and Future Yield
- 10:59Walking Through the Deposit Flow
- 11:28Approval Times on Mainnet
- 11:59Making a Private Withdrawal
- 12:25The Rage Quit Exit
- 12:56Private Payment Requests
- 13:37Why No Retroactive Deanonymization
- 13:50Why Backdoors Can Be Used Against You
- 14:16Privacy as a National Security Concern
- 14:48Closing: Win Here, Win for the World
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