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Aztec Network reacts to FTX’s ‘freezing’ of user accounts

On August 19, Aztec Network, an Ethereum-based privacy-enhancing smart contract platform, tweeted in response to consumer complaints, stating that “We will not be passive in stopping illicit behaviour.” The site also indicated that it is aware that FTX, a cryptocurrency exchange, is allegedly blocking¬† the accounts of Aztec clients.

In a subsequent statement, Aztec stated that it is implementing a number of changes that will “practically prevent the potential of criminal actors to transmit stolen assets through Aztec.” These include rate caps, pending deposit caps, deposit caps, and changes to the “escape hatch window.” Aztec claims to have already taken steps to combat money laundering, such as lowering deposit and withdrawal rates and making it simpler to detect at-risk addresses.

The project also stated on Twitter that it has contacted FTX and is looking forward to “pursuing negotiations with global regulators, centralised exchange organisations, and customers.” Aztec clearly stated in its twitter post that it will not compromise customer privacy to stop unauthorised usage of its service.¬†

The network announced that it had failed in its objective if “our network is used to harm users.” Unlike other web3 protocols, which have been forced to close or comply with US restrictions, Aztec has adopted a different route. According to the network, it “restricts behaviour rather than individuals.”

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