TL;DR
- Trezor Discontinues Coinjoin: Crypto hardware wallet manufacturer Trezor has announced the discontinuation of the Coinjoin feature in its Trezor Suite due to regulatory pressures and a need for legal clarity. The service will cease by June 1, 2024.
- Impact on Users: Despite the shutdown, Trezor assures users that funds within Coinjoin accounts will remain accessible even after the feature termination. Users who have utilized Coinjoin for enhanced privacy can rest assured that their funds will not be locked or frozen.
- Continued Commitment to Privacy: Trezor’s commitment to user privacy remains steadfast. While the Coinjoin feature will no longer be available, other privacy-enhancing features, such as client-side filtering and Tor integration, continue to be essential components of the Wasabi Wallet.
Crypto hardware wallet manufacturer Trezor has announced the discontinuation of the Coinjoin feature in its Trezor Suite. The service, provided in partnership with zkSNACKs, the developer of the Wasabi Wallet, will cease by June 1, 2024.
Coinjoin serves as a privacy tool for Bitcoin dealings, enabling participants to conceal the trail of their financial activities. Pioneering in the hardware crypto wallet sector, Trezor adopted Coinjoin, incorporating it into the Trezor Model T in April 2023, and subsequently expanding its availability to the Trezor Model One by August 2023.
However, due to recent regulatory pressures and a need for “legal clarity,” zkSNACKs has decided to end its Coinjoin coordination service with a “heavy heart”.
Despite the shutdown, Trezor assures users that funds within Coinjoin accounts will remain accessible even after the feature termination. Users who have utilized Coinjoin for enhanced privacy can rest assured that their funds will not be locked or frozen.
The Impact of Regulatory Pressures on Trezor’s Services
The move by zkSNACKs follows its decision to block US citizens and residents from accessing its services, including Wasabi Wallet. This exclusion is operational across affiliated platforms and services, with the implementation of IP address restrictions. The regulatory landscape for non-custodial crypto service providers remains uncertain, leading some companies to exit the US market altogether.
Trezor’s commitment to user privacy remains steadfast, and while the Coinjoin feature will no longer be available, other privacy-enhancing features, such as client-side filtering and Tor integration, continue to be essential components of the Wasabi Wallet. As the crypto industry navigates regulatory challenges, Trezor’s decision underscores the importance of privacy-conscious solutions for users seeking to protect their digital assets.
zkSNACKs has disclosed its ongoing operations as a non-custodial wallet, retaining the ability to create private keys for Bitcoin transaction management. Wasabi Wallet will preserve features like Tor integration and personalized UTXO.
Additionally, the company has indicated that this modification will impact other wallets that rely on zkSNACKs’ coordinated Coinjoin service, such as Trezor and Btcpay.
Trezor’s Coinjoin feature will be shut down by June 1, 2024, but users can still access their funds within Coinjoin accounts. Privacy remains a priority, and alternative privacy tools are available to safeguard users’ Bitcoin transactions.
