Wasabi Wallet Developer zkSNACKs Is Leaving The US

Highlights

Wasabi Wallet is exiting the US market
The wallet's developer unveiled the move effective June 1
The exit is spurred by growing regulatory crackdown

zkSNACKs, the developer behind the Bitcoin privacy-focused Wasabi Wallet, is ceasing its coinjoin coordination service in the United States. The implementation is effective from June 1st, 2024. The company announced this on its blogpost.

CoinJoin and zkSNACKs’ Decision

The company’s decision is prompted by the regulatory environment which necessitated the reassessment of its effort to enhance Bitcoin’s privacy. zkSNACKs, had pioneered promotion of privacy in Bitcoin transactions through its Wasabi Wallet.

Specifically, the coinjoin coordination service being discontinued is a method that combines multiple Bitcoin transactions into a single one, making it harder to trace individual transactions on the blockchain.

While it’s a key component in enhancing Bitcoin’s privacy, the current U.S. regulations climate demands greater certainty before proceeding. This stricter rules is responsible for zkSNACKs’ decision to withdraw the coinjoin coordination service.

zkSNACKs’ statement indicated that the decision was a tough one as the company has always sought to operate with legal clarity. Regardless of the coinjoin coordination service shutdown, Wasabi Wallet will continue to function as a regular Bitcoin wallet.

Therefore, users can generate private keys to send and receive Bitcoin.

Impact on Wasabi Wallet Users

According to the company, even without coinjoin, Wasabi Wallet’s client-side filtering architecture, Tor integration, and custom coin selection features make it the most private light wallet available. However, without coinjoin, achieving complete privacy on the Bitcoin blockchain becomes more challenging.

This change will impact Wasabi Wallet users as well as those of other wallet clients that connect to the zkSNACKs coordinator, like Trezor Suite and BTCPayServer.

Although coinjoin coordination will no longer be a part of Wasabi Wallet, the wallet itself, being free and open-source, will continue to be maintained and developed. zkSNACKs restated its commitment to funding the continuous maintenance of Wasabi Wallet’s basic features. This is to allow the open-source community to contribute, open issues, submit pull requests, or even fork the project if desired.

zkSNACKs launched the Wasabi Wallet in 2018 to address the issue of privacy in Bitcoin. Analysts say through years of research and perseverance, they demonstrated that Bitcoin could be used in a more private and sovereign manner.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin

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