Ethereum Foundation pledges to match up to $500,000 in donations backing Roman Storm’s legal fight
Quick Take The Ethereum Foundation announced it is pledging $500,000 in further donations in support of Tornado Cash co-founder Roman Storm’s legal defense. Earlier this week, a New York jury found Storm guilty of operating an unlicensed money transmission business, a verdict he is preparing to appeal.
The Ethereum Foundation has offered to match up to another $500,000 in donations to support Tornado Cash Co-founder Roman Storm's legal defense.
"Privacy is normal, and writing code is not a crime," Ethereum's official X handle, maintained by the foundation, wrote on the social media platform. Ethereum co-founder Vitalik Buterin has also reposted the post.
Earlier this week, a New York jury found Storm guilty on a charge of operating an unlicensed money transmitter, while the jury could not come to a conclusion on money laundering and sanctions related charges.
Storm's legal team is preparing to appeal the guilty verdict, defense attorney Brian Klein told Business Insider.
In 2023, Storm was charged with conspiracy to commit money laundering and sanctions violations for operating the cryptocurrency mixer.
Prosecutors claim that through Tornado Cash, Storm knowingly facilitated more than $1 billion in money laundering transactions and laundered millions for North Korean hacker group Lazarus. Storm has pleaded not guilty.
Free Pertsev & Storm, a legal aid organization for the Tornado Cash co-founders, said Storm risks up to five years in prison if he does not win the appeal, and potentially decades if the U.S. government retries other charges.
"We will need these funds and more to continue the fight for Roman at the trial court and on appeal," the organization wrote. "The outcome of these proceedings will set major precedent for developers worldwide."
Blockchain and crypto advocates have rallied behind Storm, arguing that creating the software for a noncustodial peer-to-peer protocol does not equate to operating a money transmitting business.
"We are disappointed that the jury did not recognize that Storm should not be responsible for the actions of third parties he could not control," the DeFi Education Fund previously said in a post on X. "We fervently believe software developers deserve the freedom to build decentralized financial tools and infrastructure, including privacy-preserving technology.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Federal Reserve's Transparency Debate: Is Silence Really Golden?
Federal Reserve Chair Waller advocates for a "quieter" central bank approach, seeking to eliminate forward guidance and dot plots, but faces public resistance within the institution. Amid volatile inflation data and uncertain rate hike prospects, colleagues frequently speak out to stabilize market expectations. Complete silence risks amplifying market fluctuations, so Waller must weigh policy transparency against the need for balanced communication in his upcoming speech.
Direxion Daily Semiconductor Bear ETF gains 13.63%, faces $42.90 upper Bollinger band
As AI momentum begins to recede, Buffett-style "boring investments" quietly make a comeback
After years of AI and momentum trading dominance, the "quality factor" investment strategy is making a strong comeback. Driven by the repricing of interest rate expectations and slowing profit growth, capital is shifting focus from chasing growth to emphasizing profit quality and robust balance sheets. The long quality, short momentum strategy has surged 55% so far this year. The quality factor is negatively correlated with AI; amid crowded momentum positions, Warren Buffett's philosophy of steadfastly holding high-quality assets is once again gaining recognition on Wall Street.
Crypto prices
More
