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Railgun, a leading Bitcoin privacy protocol, refuted claims that it is used by North Korea and other US-sanctioned entities to launder cryptocurrency. As it approaches a transaction volume of $1 billion, Ethereum co-founder Vitalik Buterin recently commended the platform, boosting its credibility and market performance.
Railgun Refutes Sanctioned Use Allegations, Boosted by Buterin's Endorsement as Volume Nears $1 Billion
According to Cointelegraph, Railgun, a Bitcoin privacy protocol, has denied being used by North Korea and other US-sanctioned entities to launder cryptocurrency, claiming that its zero-knowledge-based technology precludes this and that the charges have "no evidence,”
It comes as the Railgun platform's total volume approaches $1 billion, buoyed by a recent X post from Ethereum co-founder Vitalik Buterin, who praised and defended the privacy protocol.
Railgun, created in January 2021, uses zero-knowledge (ZK) cryptography to protect wallet balances, transaction history, and transaction details, letting users access decentralized apps (DApps) on Ethereum or other supported blockchains while staying anonymous.
Elliptic, a blockchain security startup, once called Railgun a "prime alternative to Tornado Cash" when the US government imposed restrictions on the cryptocurrency mixer.
In January 2023, the FBI reported that North Korean cyber attackers utilized Railgun to launder more than $60 million in Ether from the 2022 Harmony Bridge robbery.
In an X post in response to crypto writer Colin Wu, Railgun disputed that Lazarus employed the privacy protocol, calling it "false reporting."
“Firstly, that group is blocked from using the RAILGUN system by the “Private Proofs of Innocence” system, which went live over a year ago,” Railgun wrote on X.
“Secondly, it was a mistaken, false allegation in the first place,” it added.
Railgun Implements 'Private Proofs of Innocence' to Enhance Security, Sees Significant Growth in Market Value
Railgun's researchers and collaborators launched Private Proofs of Innocence (or Private POI) in January 2023.
It employs cryptographic assurance to verify that funds entering the Railgun smart contract are not from a known list of unwanted transactions or actors. This is accomplished by forcing users to establish a ZK-proof that their funds are not part of a pre-defined list of transactions and wallets.
Buterin has since defended Railgun, claiming that "privacy is normal" and that the privacy pool protocol makes it "much harder for bad actors to join the pool."
According to Dune Analytics data, Railgun's total volume reached $962.8 million, while its value locked on Ethereum—where the majority of the protocol's activity occurs—surpassed $25 million.
Its token, Railgun (RAIL), also surged on April 15 when it was revealed that Buterin had sent 100 ETH worth $325,000 to Railgun earlier that day. The token is trading for $1.18, up 86.3% in the last seven days.
Railgun, a leading Bitcoin privacy protocol, refuted claims that it is used by North Korea and other US-sanctioned entities to launder cryptocurrency. As it approaches a transaction volume of $1 billion, Ethereum co-founder Vitalik Buterin recently commended the platform, boosting its credibility and market performance.
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