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News

Tornado Cash Co-Founder Roman Storm Freed During Investigation

August 25, 2023 - Around 2 mins mins to read

Key Points:

  • Tornado Cash co-founder Roman Storm has been released on bail pending the investigation.
  • His lawyer said it was disappointing that prosecutors charged him because he helped develop the software.
  • Previously, Storm was arrested after the DOJ charged him with conspiracy to launder money, violations of sanctions, and unlicensed money transfers.
After efforts, attorneys helped Tornado Cash co-founder Roman Storm out on bail during the investigation.
Tornado Cash Co-Founder Roman Storm Freed During Investigation

Storm’s attorney said he was frustrated by prosecutors trying to charge his client because he helped develop the software. It also highlights that prosecutors’ novel legal theory has dangerous implications for all software developers.

Earlier, Roman Storm and Roman Semenov were charged by the US Office of Foreign Assets Control (OFAC) for allegedly operating an unlicensed money transfer business and other related crimes.

Despite actively cooperating with the investigation, Roman Storm was still arrested after the DOJ charged him with charges including conspiracy to launder money, violation of sanctions, and undocumented money transfer permission.

Tornado Cash is a tool that US regulators watch because it allows users to conduct cryptocurrency transactions anonymously, protecting their financial privacy. While the tool has legitimate use cases for personal data protection in decentralized finance, it has also attracted attention from regulators due to its ability to facilitate operation illegal action.

In addition to the harshness of the regulatory authorities, large organizations and influential individuals in the crypto community sided with Tornado Cash developers, such as Coin Center, a cryptocurrency advocacy group, claiming that the DOJ’s allegations are absurd and dubious. Coinbase’s legal team also said it would help Tornado Cash because they think the Treasury Department is exceeding its authority in sanctioning this money mixer.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

News

Tornado Cash Co-Founder Roman Storm Freed During Investigation

Key Points:

  • Tornado Cash co-founder Roman Storm has been released on bail pending the investigation.
  • His lawyer said it was disappointing that prosecutors charged him because he helped develop the software.
  • Previously, Storm was arrested after the DOJ charged him with conspiracy to launder money, violations of sanctions, and unlicensed money transfers.
After efforts, attorneys helped Tornado Cash co-founder Roman Storm out on bail during the investigation.
Tornado Cash Co-Founder Roman Storm Freed During Investigation

Storm’s attorney said he was frustrated by prosecutors trying to charge his client because he helped develop the software. It also highlights that prosecutors’ novel legal theory has dangerous implications for all software developers.

Earlier, Roman Storm and Roman Semenov were charged by the US Office of Foreign Assets Control (OFAC) for allegedly operating an unlicensed money transfer business and other related crimes.

Despite actively cooperating with the investigation, Roman Storm was still arrested after the DOJ charged him with charges including conspiracy to launder money, violation of sanctions, and undocumented money transfer permission.

Tornado Cash is a tool that US regulators watch because it allows users to conduct cryptocurrency transactions anonymously, protecting their financial privacy. While the tool has legitimate use cases for personal data protection in decentralized finance, it has also attracted attention from regulators due to its ability to facilitate operation illegal action.

In addition to the harshness of the regulatory authorities, large organizations and influential individuals in the crypto community sided with Tornado Cash developers, such as Coin Center, a cryptocurrency advocacy group, claiming that the DOJ’s allegations are absurd and dubious. Coinbase’s legal team also said it would help Tornado Cash because they think the Treasury Department is exceeding its authority in sanctioning this money mixer.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.