Shiba Inu whale Shibtoshi launched SilentSwap V2 on Oct. 31, a cross-chain privacy protocol operated by offshore entity SquidGrow LLC.
By Zoran Spirkovski
Editor Hamza Tariq
Updated
2 mins read
SilentSwap launched its V2 protocol on Oct. 31, 2025, offering cross-chain privacy swaps. The platform was founded by Shibtoshi, a pseudonymous figure known for amassing billions in Shiba Inu holdings.
The protocol operates as a non-custodial swap service with multi-chain support.
The platform claims to offer an “OFAC and AML-compliant architecture,” according to the press release. Shibtoshi stated that privacy remains a barrier preventing institutional capital from moving on-chain.
The Terms of Service reveal that SquidGrow LLC, an entity registered in St. Vincent & Grenadines, operates the platform.
The document explicitly prohibits “a person or entity who resides in, are citizens of, are incorporated in, or have a registered office in, the United States of America” from using the service.
The platform’s FAQ states that it requires “no personal information” and that “transaction data is purged daily.” This creates a technical challenge for enforcing the US user ban or screening against sanctioned wallets.
SilentSwap’s approach differs from Tornado Cash, which operated through immutable smart contracts with no company or Terms of Service.
The US Treasury sanctioned Tornado Cash in August 2022, but a federal appeals court overturned the sanctions in November 2024, ruling that OFAC lacked authority to sanction immutable smart contracts. The Treasury lifted Tornado Cash sanctions on March 21, 2025.
Unlike Tornado Cash, SilentSwap operates as a centralized company. The US court’s reversal of Tornado Cash sanctions centered on decentralized code. SilentSwap’s corporate structure makes it subject to sanctions as a legal entity.
The platform homepage reports $7.8 million in swapped assets across 2,623 transactions. SilentSwap supports eight blockchain networks and allows users to send tokens to up to 16 destination wallets in a single transaction.
The service offers both “Semi-private” and “Max Privacy” modes.
Shibtoshi gained recognition after investing 37 ETH in Shiba Inu in August 2020, accumulating 104 trillion tokens. The position reached a peak value exceeding $5.7 billion.
He operates under a pseudonym to protect his identity. The recent Shiba Inu SHIB $0.000010 24h volatility: 0.7% Market cap: $5.84 B Vol. 24h: $183.86 M burn rate surge removed 4.76 million tokens in 24 hours.
Shibtoshi stated in the press release: “No CFO would wire funds if competitors could watch in real time.”
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As a Web3 marketing strategist and former CMO of DuckDAO, Zoran Spirkovski translates complex crypto concepts into compelling narratives that drive growth. With a background in crypto journalism, he excels in developing go-to-market strategies for DeFi, L2, and GameFi projects.