Railgun is Not Providing Services to North Korean Hackers

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Railgun, a crypto privacy protocol, has vehemently denied allegations of being utilized by North Korea and other entities sanctioned by the United States to launder cryptocurrency. 

The protocol argues that its zero-knowledge-based technology serves as a safeguard against such illicit activities and refutes the accusations as baseless, lacking any evidence.

Railgun Witnesses a Huge Surge in Volume

Despite facing scrutiny, Railgun has witnessed a surge in total volume, nearing the significant milestone of $1 billion. Ethereum co-founder Vitalik Buterin recently voiced support for the privacy protocol in a post on X, praising its capabilities and defending its integrity.

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Established in January 2021, the crypto mixer employs zero-knowledge (ZK) cryptography to shield sensitive information such as wallet balances, transaction history, and details. This approach allows users to interact with decentralized applications (DApps) on Ethereum and other supported chains while maintaining privacy.

Alternative to Tornado Cash

Previously, Railgun was labeled by blockchain security firm Elliptic as a “prime alternative to Tornado Cash” following sanctions imposed by the U.S. government on the crypto mixer. As reported earlier by TheCoinRise, Tornado Cash co-founders Roman Semenov and Roman Storm were arrested by US officials.

However, the platform faced allegations from the FBI in January 2023, accusing North Korean cyber attackers of laundering over $60 million worth of Ether from the 2022 Harmony Bridge heist through Railgun.

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Railgun Responds to Accusations

In response to these accusations, Railgun emphasized that its “Private Proofs of Innocence” system, launched over a year ago, prevents unauthorized entities from utilizing its platform. This system requires users to provide cryptographic proof that their funds are not associated with undesirable transactions or actors.

Buterin echoed Railgun’s defense, advocating for privacy as a fundamental right and highlighting the privacy pool protocol’s role in mitigating risks associated with malicious actors.

Impressive Performance

Despite the controversy, Railgun’s performance has been impressive, with total volume reaching $962.8 million and total value locked on Ethereum surpassing $25 million. Additionally, the token associated with Railgun (RAIL) experienced a significant rally after reports emerged of Buterin’s contribution of 100 ETH, valued at $325,000, to Railgun.

As of now, the Railgun token is trading at $1.18, marking an 86.3% increase in value over the past seven days.

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