March 27, 2024
Amid Legal Controversy and Money Laundering Charges, Tornado Cash Co-Founder Secures Bail
Latest Cryptocurrency News

Tornado Cash Co-Founder Granted Bail Amidst Legal Controversy and Cryptocurrency Laundering Charges

Roman Storm’s legal representative posted on X (formerly Twitter) on August 24 to confirm that Storm has been released on bail after he was apprehended by the United States’ Department of Justice (DOJ) on August 23 on charges of money laundering and other offenses. Roman Storm is a co-founder of Tornado Cash, a cryptocurrency mixing service.

Brian Klein, his lawyer, expressed his ongoing deep disappointment regarding the prosecution’s decision to charge the developer merely for his involvement in software development. He stated, “Their novel legal theory has dangerous implications for all software developers.”

Storm’s release on bail came the day after the U.S. DOJ declared the detention of Storm and his fellow Tornado Cash co-founder, Roman Semenov, along with allegations, on August 23. The DOJ specifically accused the developers of operating Tornado Cash services and purportedly laundering over $1 billion in illicit gains. Additional charges encompass conspiracy to violate sanctions and conspiring to run an unlicensed money-transmitting business.

This latest development arose about a year after Tornado Cash-associated addresses were included by the U.S. Treasury Department in the Office of Foreign Asset Control’s list of Specially Designated Nationals. Following this, Dutch authorities apprehended another Tornado Cash developer, Alexey Pertsev, who was subsequently released from custody in April 2023 after nearly nine months of confinement.

Notably, Pertsev and Storm are not the sole developers connected to Tornado Cash to face prosecution. Roman Semenov, another co-founder, was also added to the OFAC’s roster of Specially Designated Nationals and Blocked Persons on August 23. However, Semenov, the developer, remains at large.

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