Home Blockchain Tornado Cash’s TORN takes a ride after developer Alexey Pertsev release news

Tornado Cash’s TORN takes a ride after developer Alexey Pertsev release news

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  • Alexey Pertsev is the developer of the banned Tornado Cash platform.
  • Pertsev was arrested by Dutch authorities in August 2022.
  • A Dutch court had previously ruled that Mr Pertsev would be detained until his next hearing in late April.

The price of Tornado Cash (TORN) rose 15% after a Dutch judge released Alexey Pertsev, the developer of mixing service Tornado Cash.

Despite Tornado Cash’s ban, its native token, TORN, has been doing quite well lately.the token is 30% in the last 7 days.

Arrest and detention of Alexei Pertsev

Dutch authorities arrested Alexei Pertsev in August 2022, shortly after the US Treasury Department sanctioned Tornado Cash.

The U.S. Treasury Department claimed that several hacker groups, including the North Korean government-backed Lazarus Group, used the crypto mixer to launder stolen assets. Hackers claim to have laundered over $7 billion in cryptocurrency since 2019, including his $80 million stolen from Beanstalk Farms, an Ethereum-based stablecoin protocol, in April 2022. doing.

However, the Tornado Cash ban has drawn criticism from several players, including crypto advocacy group Coin Center, which filed a legal complaint in October 2022, prompting the Treasury Department to sanction its powers targeting U.S. crypto investors. claimed to exceed Coinbase recently upheld a lawsuit with six allegations against Tornado Cash.

Two months ago, a Dutch court ruled to keep Alexei Pertsev in custody until his next hearing in late April.

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