Ethereum (ETH) founder Vitalik Buterin said that on-chain privacy should be accepted as normal after trading with the Railgun protocol.
According to Arkham Intelligence data first reported by cryptocurrency journalist Colin Wu, Buterin recently transferred 100 ETH using privacy protocols.
“Vitalik Buterin (vitalik.eth) transferred 100 ETH (about $325,000) to Railgun today at 17:40 UTC+8. Railgun is an EVM privacy protocol that enables DeFi private transactions. For the past six months, Vitalik Buterin has been interacting with Railgun basically using a small amount of ETH every month.”
Buterin responded directly to Wu’s post. said,
“Privacy is normal.
Railgun uses a privacy-preserving pool protocol (https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4563364), making it much more difficult for malicious actors to join pools without compromising user privacy. It makes it difficult.”
After Buterin expressed his support, the price of RAIL, the protocol’s utility token, surged from $0.58 to $1.56, a gain of 168%.
Railgun received attention from the FBI last year as a tool for North Korean hackers such as the Lazarus Group.
“On Friday, January 13, 2023, North Korean cyber attackers used the privacy protocol RAILGUN to launder $60 million worth of Ethereum (ETH) stolen in a June 2022 heist. A portion of the stolen Ethereum was then transferred to several virtual asset service providers and converted into Bitcoin (BTC).”
Privacy Protocol became the primary alternative to Tornado Cash after the U.S. Treasury approved Tornado Cash, which was previously known to be used by North Korea’s Lazarus Group for money laundering.
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