Tornado Cash Developer Will Be Released From Prison Under Surveillance
Tornado Cash Developer Alex Pertsev was in prison for almost nine months. The good news is, Alex Pertsev is going to be released from prison and will be back home by April 26. Luckily, 26 April happens to be his birthday.
Alex Pertsev, the developer behind Tornado Cash which provides cryptocurrency mixing services, was arrested soon after the Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned Tornado Cash. All attempts to release him from prison failed before.
Unfortunately, big scammers and fraudsters are free when a developer is in prison. He should get all opportunities to prove that he is innocent. And being in a prison, that is difficult to do that. People who go through this will understand how it impacts the person and his family.
Getting punishment for something without committing any crime has a powerful negative impact on someone. Not only that, his entire family suffers from that. Every single day they feel the pain and go through a terrible situation.
Tornado Cash was very popular before sanction. People can still use it. It facilitates making transactions anonymous that becomes difficult to trace. Everything is visible on the blockchain. To ensure privacy and security, people may use cryptocurrency mixing services. It is not that it will only use for illicit and illegal purposes.
According to Alex Pertsev's wife, it is a conditional release under surveillance and Pertsev has to wear an ankle monitor. Still, it is comfortable that he can be with his family and prepare for his defense that will prove he is not guilty of what he is accused of.
It is difficult to do something in crypto especially operating crypto companies without having regulatory clarity. You seek regulatory clarity, but there will be wells notices and legal action instead. Later you will get to know what goes wrong.
Stablecoins are labeled as security. You make a clear question about whether Ethereum is a security or commodity, but you will not get a clear answer. Crypto will find its own way to face challenges and move forward. The central authority will only slow down the process, but they cannot stop it.
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Reference: 1.
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I hope he wins his case and it's kind of dumb that he is sent to prison when the application is still up. It just sounds like they want to make an example of someone rather than solve any issues.
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That's good news that he is going to be out of prison. Hope it will be proven that he is not guilty of anything he is accused of.
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When you build something like this in the business world. It might be wise to always check with authorities if is legal or not, despite the market doesn't bring much clarity sometimes.
It seems like whatever you do in crypto, they can come after you. They can make new regulations or change existing regulations. Crypto companies think of operating their businesses outside of the US these days.
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