Tuesday, December 6, 2022
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Crypto exchange FTX warns customers to not interact with Aztech network over privacy concern

Coin Wu, a Chinese journalist, on August 19 revealed via a tweet that FTX has frozen a user’s account for making a coin transfer to his zk money account.

Moreover, pertaining to high-risk services, FTX is reportedly warning users to not interact with such platforms. FTX is also restricting the accounts that were interacted on the Aztec network.

One of the FTX users takes the route of Twitter to address the issue of not being able to withdraw the funds.

In response to the user complaint, FTX said that addresses related to the high-risk protocol are restricted on the exchange. Users are requested to not interact with such protocol, as interacting would lead to risking their accounts.

However, some users found out that Aztech is a privacy solution network and it should not be treated as mixing services like Tornado Cash.

zk money is built on the Aztech network and since it is a layer-2 privacy solution, allowing users to do the transaction without compromising their privacy. The transaction data is protected from the public but the owner has control over the data.

A user raised concerns over the zk roll-up solution, as these are the protocols that are working to preserve the privacy of the user and if the blocking will continue with these protocols, the such protocol will reach its end quite sooner.

Moreover, the arrest of a developer in the Netherlands and the US sanctions against Tornado Cash brought danger to the future of privacy-focused solutions.

On August 13, Monero upgraded the hard fork which significantly improved the privacy and security of the network.

As the fear rises for the safety of privacy protocol, Monero developers promised to construct a solution that will provide users the privacy they deserve.

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