Categories: FintTechMenafn

Dutch Court Releases Tornado Cash Developer Alex Pertsev On House Arrest Until Trial

Summary:

  • The Tornado Cash developer will be released next Wednesday after authorities install surveillance devices in Alexey Pertsev’s home.
  • Pertsev was arrested by Dutch police in August 2022 after a directive from the country’s financial crime authority FIOD.
  • Authorities allege that Pertsev laundered more than 500,000 ETH in supposed illicit wealth shortly after U.S. authorities sanctioned the crypto mixer that Alexey wrote code for.

Tornado Cash developer Alexey Pertsev will be moved from prison to home arrest ahead of his trial for allegedly laundering millions in digital assets through sanctioned crypto mixer Tornado Cash, a Dutch court ruled.

According to Coin Desk, Alexey’s attorney Keith Cheng voiced excitement about his client’s freedom. Cheng said the case raises critical concerns about privacy on the Ethereum blockchain and promised to intensify defense efforts now that “he can be set free”.

The Tornado Cash developer will be released next Wednesday after authorities install surveillance devices in Alexey Pertsev’s home Pertsev will also wear an ankle bracelet to monitor his movements. A Dutch court will hold an investigative hearing on May 24 where a judge will assess Pertsev’s residency status.

Tornado Cash’ Alexey Pertsev Arrested For Money Laundering

Dutch police detained Pertsev back in August 2022 after the country’s financial crime authority FIOD issued arrest orders. Authorities claimed that the Tornado Cash code writer laundered over 500,000 ETH worth over $984 million at current prices. They also claimed that Pertsev should have known the funds were generated from criminal operations.

Government prosecutors claimed that Pertsev was a flight risk following his arrested and should remain in prison awaiting trial. Also, investigators said the Tornado Cash developer could hide or destroy evidence if released.

North Korean Links Attract U.S. Sanctions

The U.S. Office of Foreign Assets Control (OFAC) sanctioned Tornado Cash shortly before Pertsev’s arrest. Federal prosecutors said the North Korean hacker group Lazarus leveraged the crypto mixer to launder stolen funds and finance crime.

At least two lawsuits were launched against the OFAC following the sanction on the Ethereum-based crypto tumbler.

Ryan Helton

A Stock enthusiast since childhood, Ryan is known for his impeccable knowledge in the technology and gadgets niche. He has been working with eTrendy Stock as a contributor for most stock category and his articles are always well-researched and accurate.

Recent Posts

Sony Electronics Singapore Now Accepts USDC Payments via Crypto.com

Sony Electronics Singapore is now accepting payments in USD Coin (USDC) on its online store,…

38 minutes ago

<div>Delta Exchange: Pioneering INR-Settled Crypto F&O Trading in India</div>

In the last three months of the year, trading volumes for cryptocurrencies like Bitcoin and…

1 day ago

Pi Network’s Token Sheds 75% in Three Months as Skepticism Grows

The Pi Network (PI) has plummeted over 75% in the past three months, collapsing from…

2 days ago

Chummy Tees Review Rising Trends in the Funny T-Shirt Industry

Sonora, California, 30th March 2025, ZEX PR WIRE, As humor continues to shape popular culture,…

3 days ago

UBX Powers UBC’s 15x Surge: AI and DePIN Innovation Reshaping Crypto Investments

Singapore, 30th March 2025, ZEX PR WIRE, Recently, the native token UBC issued by the…

3 days ago

Tether Eyes U.S. Stablecoin Launch Amid Regulatory Tailwinds

Tether is weighing a crucial entry into the U.S. domestic stablecoin market as CEO Paolo…

5 days ago