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What’s next for crypto in 2023

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What’s next for crypto in 2023


Tornado warning

DeFi advocates are also facing off against regulators on a separate front, where the main issue at hand is privacy. Nowhere are the stakes higher for the future of the decentralized financial systems than in the case of Tornado Cash.

Like Uniswap, Tornado Cash is a set of smart contracts on the Ethereum blockchain. It lets users deposit cryptocurrency in a pool of other people’s digital money and then withdraw it to a different address, while using advanced cryptographic techniques called zero-knowledge proofs to ensure that there is no public link between the deposit address and the withdrawal address. That means the money is no longer tied on the blockchain to the user’s past transactions, which makes it harder to trace and provides a layer of privacy.

In August, the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned 45 Ethereum addresses associated with the platform, effectively banning Americans from using it and decimating its user base. The agency said it took the action because Tornado Cash had been used to “launder” billions of dollars, including hundreds of millions stolen by North Korean state-sponsored hackers.

OFAC has sanctioned blockchain addresses associated with foreign individuals before, but never has it sanctioned a smart contract. It also doesn’t have the authority to do so, argues Peter Van Valkenburgh, director of research at Coin Center, a policy advocacy group in Washington, DC. As Coin Center points out, many of the contracts OFAC sanctioned cannot be modified, blocked, or turned off by any of Tornado Cash developers; they exist independent of human intervention. 

While OFAC has the legal power to sanction people and certain foreign entities, it can’t ban  Americans from using a tool like Tornado Cash, Van Valkenburgh says: “The statute that gives OFAC power was never intended by Congress to be used to tell Americans which software tools they can and cannot use.”

Coin Center has filed a lawsuit against the Treasury Department aimed at reversing the sanctions and blocking the Treasury from “enforcing against ordinary their self-evident and basic rights to privacy.” Besides arguing that OFAC does not have the authority to ban software tools, Coin Center also argues that the sanctions violate the Constitution. The popular US crypto exchange Coinbase is funding a similar lawsuit against the Treasury. 

After the sanctions came down, GitHub removed the project’s source code, and the project’s website, tornado.cash, was taken down. Separate from OFAC’s actions, Dutch authorities detained one of Tornado Cash’s developers, Alexey Pertsev, and a prosecutor has accused Pertsev of facilitating money laundering.

Pertsev was one of Tornado Cash’s founders. But like most crypto projects, Tornado Cash is open source and relies on a loosely affiliated collective of contributors. Another cofounder, Roman Semenov, did not respond to a request for a comment.

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How do I know if egg freezing is for me?

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How do I know if egg freezing is for me?


The tool is currently being trialed in a group of research volunteers and is not yet widely available. But I’m hoping it represents a move toward more transparency and openness about the real costs and benefits of egg freezing. Yes, it is a remarkable technology that can help people become parents. But it might not be the best option for everyone.

Read more from Tech Review’s archive

Anna Louie Sussman had her eggs frozen in Italy and Spain because services in New York were too expensive. Luckily, there are specialized couriers ready to take frozen sex cells on international journeys, she wrote.

Michele Harrison was 41 when she froze 21 of her eggs. By the time she wanted to use them, two years later, only one was viable. Although she did have a baby, her case demonstrates that egg freezing is no guarantee of parenthood, wrote Bonnie Rochman.

What happens if someone dies with eggs in storage? Frozen eggs and sperm can still be used to create new life, but it’s tricky to work out who can make the decision, as I wrote in a previous edition of The Checkup.

Meanwhile, the race is on to create lab-made eggs and sperm. These cells, which might be made from a person’s blood or skin cells, could potentially solve a lot of fertility problems—should they ever prove safe, as I wrote in a feature for last year’s magazine issue on gender.

Researchers are also working on ways to mature eggs from transgender men in the lab, which could allow them to store and use their eggs without having to pause gender-affirming medical care or go through other potentially distressing procedures, as I wrote last year.

From around the web

The World Health Organization is set to decide whether covid still represents a “public health emergency of international concern.” It will probably decide to keep this status, because of the current outbreak in China. (STAT)  

Researchers want to study the brains, genes, and other biological features of incarcerated people to find ways to stop them from reoffending. Others warn that this approach is based on shoddy science and racist ideas. (Undark)

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A watermark for chatbots can expose text written by an AI

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The Download: watermarking AI text, and freezing eggs


For example, since OpenAI’s chatbot ChatGPT was launched in November, students have already started cheating by using it to write essays for them. News website CNET has used ChatGPT to write articles, only to have to issue corrections amid accusations of plagiarism. Building the watermarking approach into such systems before they’re released could help address such problems. 

In studies, these watermarks have already been used to identify AI-generated text with near certainty. Researchers at the University of Maryland, for example, were able to spot text created by Meta’s open-source language model, OPT-6.7B, using a detection algorithm they built. The work is described in a paper that’s yet to be peer-reviewed, and the code will be available for free around February 15. 

AI language models work by predicting and generating one word at a time. After each word, the watermarking algorithm randomly divides the language model’s vocabulary into words on a “greenlist” and a “redlist” and then prompts the model to choose words on the greenlist. 

The more greenlisted words in a passage, the more likely it is that the text was generated by a machine. Text written by a person tends to contain a more random mix of words. For example, for the word “beautiful,” the watermarking algorithm could classify the word “flower” as green and “orchid” as red. The AI model with the watermarking algorithm would be more likely to use the word “flower” than “orchid,” explains Tom Goldstein, an assistant professor at the University of Maryland, who was involved in the research. 

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The Download: watermarking AI text, and freezing eggs

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The Download: watermarking AI text, and freezing eggs


That’s why the team behind a new decision-making tool hope it will help to clear up some of the misconceptions around the procedure—and give would-be parents a much-needed insight into its real costs, benefits, and potential pitfalls. Read the full story.

—Jessica Hamzelou

This story is from The Checkup, MIT Technology Review’s weekly newsletter giving you the inside track on all things health and biotech. Sign up to receive it in your inbox every Thursday.

The must-reads

I’ve combed the internet to find you today’s most fun/important/scary/fascinating stories about technology.

1 Elon Musk held a surprise meeting with US political leaders 
Allegedly in the interest of ensuring Twitter is “fair to both parties.” (Insider $)
+ Kanye West’s presidential campaign advisors have been booted off Twitter. (Rolling Stone $)
+ Twitter’s trust and safety head is Musk’s biggest champion. (Bloomberg $) 

2 We’re treating covid like flu now
Annual covid shots are the next logical step. (The Atlantic $)

3 The worst thing about Sam Bankman-Fried’s spell in jail? 
Being cut off from the internet. (Forbes $)
+ Most crypto criminals use just five exchanges. (Wired $)
+ Collapsed crypto firmFTX has objected to a new investigation request. (Reuters)

4 Israel’s tech sector is rising up against its government
Tech workers fear its hardline policies will harm startups. (FT $)

5 It’s possible to power the world solely using renewable energy
At least, according to Stanford academic Mark Jacobson. (The Guardian)
+ Tech bros love the environment these days. (Slate $)
+ How new versions of solar, wind, and batteries could help the grid. (MIT Technology Review)

6 Generative AI is wildly expensive to run 
And that’s why promising startups like OpenAI need to hitch their wagons to the likes of Microsoft. (Bloomberg $)
+ How Microsoft benefits from the ChatGPT hype. (Vox)
+ BuzzFeed is planning to make quizzes supercharged by OpenAI. (WSJ $) 
+ Generative AI is changing everything. But what’s left when the hype is gone? (MIT Technology Review)

7 It’s hard not to blame self-driving cars for accidents
Even when it’s not technically their fault. (WSJ $)

8 What it’s like to swap Google for TikTok
It’s great for food suggestions and hacks, but hopeless for anything work-related. (Wired $)
+ The platform really wants to stay operational in the US. (Vox)
+ TikTok is mired in an eyelash controversy. (Rolling Stone $)

9 CRISPR gene editing kits are available to buy online
But there’s no guarantee these experiments will actually work. (Motherboard)
+ Next up for CRISPR: Gene editing for the masses? (MIT Technology Review)

10 Tech workers are livestreaming their layoffs
It’s a candid window into how these notoriously secretive companies treat their staff. (The Information $)

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