Railgun has denied using North Korea as its total volume approaches $1 billion.
Crypto Privacy Protocol Railgun has denied that North Korea and other US-sanctioned entities are using cryptocurrency to fake it, arguing that its zero-knowledge technology prevents this and that there is “no evidence” of the allegations.
As the total amount of the upcoming Railgun platform approaches $1 billion, Ethereum founder Vitalik Buterin recently added to X's post praising and defending the privacy protocol.
Founded in January 2021, Railgun uses Zero-Knowledge (ZK) encryption that allows users to run decentralized applications (DApps) on Ethereum or other blockchains, while keeping wallet accounts, transaction history, and transaction details private.
Blockchain security firm Elliptic once named Railgun a “top alternative to Tornado Cash” after the US government imposed sanctions on the crypto mixer.
In the year In January 2023, the FBI revealed that North Korean cyber attackers used Railgun to steal more than $60 million worth of Ether (ETH) from the 2022 Harmony Bridge heist.
In an X post to crypto reporter Colin Wu, Railgun called it a “false report” that Lazarus used its privacy protocol.
“First, that group was banned from using the RAILGUN system. When the system went live a year ago, Railgun wrote on X.
“Secondly, it was a false and false allegation in the first place,” he added.
Personal proofs of integrity – also known as personal POI – were launched in January 2023 by Railgun researchers and contributors.
It uses cryptographic authentication to ensure that funds entering a Railgun smart contract are not from a list of known undesirable transactions or actors.
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Buterin has also argued against Railgun that “privacy is the norm” and that the protocol for privacy pools “makes it very difficult for bad actors to join the pool.”
Railgun has reached $962.8 million in total volume, with the total value locked up on Ethereum — where most of the protocol's activity resides — also surpassed $25 million, according to Dune Analytics data.
Its token Railgun (RAIL) rallied on April 15 after it was revealed that Buterin had sent $325,000 worth of 100 ETH earlier that day.
The token is now trading at $1.18 and has risen 86.3% in the past seven days.
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