Claim $500Just In: Tornado Cash Developer Alexey Pertsev’s Jail Stay Extended Yet Again
Alexey Pertsev, the developer of cryptocurrency mixer Tornado Cash, is set to stay in jail for longer as a Netherlands court ordered for an extension on Tuesday. According to reports, the court turned down arguments that Perstev was in no position to control Tornado Cash. The prosecutors argued that the developer is a key person in the functioning of the crypto mixer. On 12 August, the developer was arrested over suspicion that he was involved in money laundering through crypto mixer service Tornado Cash.
The Netherlands authorities had at the time said the mixer was used to hide money flows from criminals and was utilized for cryptocurrency scams and hacks. Following that, authorities in the U.S. Treasury department imposed sanctions on addresses concerning Tornado Cash and barred residents from using it. The move was aimed at keeping users away from decentralized finance (DeFi) hacks, thefts and exploits.
Tornado Cash Developer Alexey Pertsev Case Next Hearing
In a latest, the court ordered that Pertsev will serve another three months of custody in the country. The court session has been postponed to February 20, 2023. Pertsev served custody for 90 days after the court ordered for it on August 25. The decision attracted huge criticism from the crypto community, which also took out a protest against the developer’s arrest. The protestors demanded for targeting criminals involved in hacks and thefts instead of developers.
Also Read: FTX Drainer Swapping Ethereum To Bitcoin; Will It Impact ETH Price?
The Tornado cash came into light after the news of Nomad hack involving loss of around $8 million. The Office of Foreign Assets Control (OFAC) said at the time that the Nomad hackers utilized Tornado cash after gaining access to the funds. Prior to that, the $80 million exploit on DeFi exchange Fei Protocol also involved the perpetrators using Tornado Cash. The authorities also stated that the crypto mixer “repeatedly failed to curtail malicious cyber activities.”
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Michael Saylor’s “Green Dots” Message Hints At Fresh Bitcoin Buying As BTC Faces $90K Wall
- Fed’s Hammack Signals No Rush to Cut Rates as January Hold Odds Near 80%
- XRP ETFs Reach $1.21B as Asset Managers See a ‘Third Path’ Beyond Bitcoin
- Nearly $50M in USDT Stolen After Address Poisoning Scam Targets Crypto Trader Wallet
- Breaking: Rep. Max Miller Unveils Crypto Tax Bill, Includes De Minimis Rules for Stablecoins
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
- Bitcoin Price Alarming Pattern Points to a Dip to $80k as $2.7b Options Expires Today
- Dogecoin Price Prediction Points to $0.20 Rebound as Coinbase Launches Regulated DOGE Futures
- Pi Coin Price Prediction as Expert Warns Bitcoin May Hit $70k After BoJ Rate Hike
- Cardano Price Outlook: Will the NIGHT Token Demand Surge Trigger a Rebound?
