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05/16/2024

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Tornado Cash's Developer Convicted To 64 Months For Money Laundering - CMN | Latest Cryptocurrency News Today | Live Crypto Price

The Dutch court convicted Alexey Pertsev of money laundering and sentenced him to 64 months in prison. A three-judge bench issued the decision against the Tornado Cash constructor for money laundering,...

Tornado Cash's Developer Convicted To 64 Months For Money Laundering - CMN | Latest Cryptocurrency News Today | Live Crypto Price

The Dutch court convicted Alexey Pertsev of money laundering and sentenced him to 64 months in prison. A three-judge bench issued the decision against the Tornado Cash constructor for money laundering, totaling $2.2 billion in illegal assets.

The lawyers have a 14-day period to react.

Pertsev is known to have already served 8 months; the time duration will be altered in accordance with the current sentence. This will set a precedent for privacy issues involving decentralized finance and open-source software used by users with financial privacy toolkits.

Both sides debated in court, with one claiming Pertsev’s innocence and the other blaming him for the Tornado Cash case. The defense counsel believed that the users were responsible for the fraudulent behavior. This, however, did not sit well with the judges.

Tornado Cash is a decentralized system that aims to confuse transaction history with public Ethereum information.

Pertsev and his fellow builders had brought to the court’s attention that they had offered an answer regarding individuals exploiting the privacy issue on the Ethereum blockchain, but it appears that this went on deaf ears. His lawyer, Keith Cheng, also stated that it was impossible to prohibit users from exploiting the open-source smart contract code, but to no avail.

The prosecutors argued that enough Pertsev was insufficient, and the entire incident may have been prevented. Roman Storm, an associate of Tornado Cash, was also charged with money laundering. The final hearing is slated for later. However, it appears that Alexey has the support of the cryptocurrency sector.

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