Vitalik Buterin’s Advocacy Drives 168% Growth for Ethereum Privacy Protocol

Ethereum (ETH) co-founder Vitalik Buterin recently emphasized the importance of on-chain privacy. Particularly after conducting a transaction using the Railgun protocol. 

This move, first brought to light by crypto reporter Colin Wu. Involved Buterin transferring 100 ETH through the Railgun privacy protocol. Which facilitates private transactions in decentralized finance (DeFi). Buterin’s public support for privacy was clear in his response to Wu’s post, stating that “Privacy is normal.” Following Buterin’s endorsement, RAIL, the utility token of Railgun protocol, surged by 168%. Rising from $0.58 to $1.56. Railgun gained attention after being used by North Korean hackers, as mentioned in an FBI report regarding money laundering activities involving Ethereum worth over $60 million. 

This protocol has gained significance as an alternative to Tornado Cash. Particularly after sanctions were imposed on the latter by the US Treasury due to its alleged use by the North Korean Lazarus Group for illicit financial activities.

Clever Robot News Desk 18^th April 2024