Coins by Cryptorank
NewsEditorial office

zkSNACKs CEO Assures Bitcoin Privacy Endurance Despite CoinJoin Service Shutdown

May 6, 2024 at 05:35

The decision by zkSNACKs to discontinue its CoinJoin coordination service has stirred concerns among Bitcoin developers and privacy advocates, yet the CEO remains optimistic about Bitcoin’s privacy prospects.

Max Hillebrand, CEO of zkSNACKs, discussed the closure with Cointelegraph, citing the necessity to comply with evolving legal frameworks in the United States. He emphasized the lack of regulatory clarity in the U.S. regarding privacy tools in the cryptocurrency space as a driving factor behind the closure.

Despite the disappointment expressed by figures like Edward Snowden, Hillebrand remains confident in Bitcoin’s privacy resilience. He acknowledged the setback caused by discontinuing the CoinJoin service, highlighting its role in facilitating private transactions within the Bitcoin ecosystem.

While the closure affects services like Trezor Suite and BTCPayServer, Hillebrand assured users that Wasabi Wallet, which incorporated the CoinJoin service, will continue to function as a standard BTC wallet. Although CoinJoin’s unmatched privacy features will be missed, Wasabi Wallet still offers robust privacy measures such as client-side filtering and Tor integration.

The brand new newsletter with insights, market analysis and daily opportunities.

Let’s grow together!

Hillebrand stressed the critical role CoinJoin plays in ensuring complete privacy for Bitcoin transactions, underscoring its superiority over other privacy-enhancing methods.

Regarding the future of privacy protocols and CoinJoin services outside the U.S., Hillebrand refrained from making speculative statements.

For those unfamiliar with CoinJoin, Hillebrand previously explained its mechanics during an interview with Cointelegraph at Bitcoin Amsterdam in 2023. CoinJoin combines multiple inputs and outputs from various users into a single transaction, obscuring transaction details and enhancing privacy. Wasabi Wallet, launched in 2018, offers additional privacy features such as Tor integration and efficient transaction verification without compromising user privacy.

All information provided on this website is for educational and informational purposes only. Please consult with our Disclaimer.

Home » News » zkSNACKs CEO Assures Bitcoin Privacy Endurance Despite CoinJoin Service Shutdown

Your complaint has been sent to a moderator