Everyone is saying ‘Free Alex’ – here’s why. Privacy Coin Founder Alexey Pertsev was sentenced to 5 years for Tornado Cash development, and the Free Alexey movement went viral.
The gavel came down hard in the Netherlands, sentencing Tornado Cash’s founder, Alexey Pertsev, to over five years in the clink for a $1.2 billion money-laundering spectacle.
It’s a watershed moment for crypto, thrusting the privacy coin and DeFi debate into the regulatory spotlight.
According to the court’s verdict, “Tornado Cash does not pose any barrier for people with criminal assets who want to launder them.”
Alexey Pertsev (The Tornado Cash Dev) was found guilty and sentenced to 5 years in prison.
His crime?
Coding an open source smart contract.
— Coin Bureau (@coinbureau) May 14, 2024
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In the wake of the Tornado Cash verdict, a wave of crypto investors have voiced their support for Alexey.
“Really unthinkable bro. I can’t believe someone is locked up for creating something that encourages freedom,” one X user wrote.
The court in s-Hertogenbosch, Netherlands, articulated that Tornado Cash primarily serves as a tool for criminal activities, offering full facilitation to its unlawful users.
Many in the crypto world argue that you can’t control activity on the blockchain, or people’s freedom to exchange, and #FreeAlex tags are making a comeback on X.
Pertsev was arrested in August 2022 following the U.S. Treasury Department’s decision to blacklist Tornado Cash, linking it to several high-profile cybercrimes, including a $625 million theft by North Korea’s Lazarus Group.
Pertsev’s legal team has a two-week window to appeal the decision until he will be held in custody.
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The Bottom Line: What’s Next for Tornado Cash and Alex
The focus of the controversy now shifts to Roman Storm, another key figure behind Tornado Cash, who faces similar charges in the United States.
His trial is set for late September, further spotlighting the legal entanglements facing crypto privacy advocates.
It could be that privacy coins have no future according to the powers that be – but one thing is certain – crypto-anarchists will never stop fighting to make the internet a free place to exchange value, ideas, and information.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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