Dutch court sentenced Tornado Cash co-founder to 5 years in prison for money laundering

15 May 2024 1 minute Author: Newsman

31-year-old Russian aleksei pertsev was arrested in August 2022 after the introduction of US sanctions against Tornado Cash for facilitating money laundering, the court handed down a sentence on Tuesday – 5.4 years in prison. The court also ordered the confiscation of pertsev’s cryptocurrency assets worth 1.9 million euros. Despite Pertsev’s claim that his intention was to ensure user privacy, the court found him liable for Tornado Cash’s operations, which did not include sufficient mechanisms to prevent abuse.

Tornado Cash functioned as a decentralized cryptocurrency mixer, allowing users to mask transactions by mixing illicit and legitimate funds. The Service did not implement Know Your Customer (KYC) or Anti-Money Laundering (AML) programs as required by US law and was not registered with the US Financial Crimes Enforcement System (FinCEN).

The case has sparked debate between privacy advocates, who argue that anonymous tools should not be criminalized, and governments, which take a hard line against unregulated services that can be used for illegal purposes.

Other related articles
Read more
Hacking of the Europol platform
The incident involving the hacking of the Europol platform raises serious concerns about the security of sensitive and confidential data among law enforcement agencies. It is important that such organizations rethink and refine their information security strategies to avoid future trends and malicious attacks.
Read more
The leader of the LockBit has been revealed
The LockBit ransomware group, led by Dmytro Yuriyovich Khoroshev, targeted more than 2,500 victims in 120 countries, stealing more than $100 million and causing critical infrastructure damage.
Found an error?
If you find an error, take a screenshot and send it to the bot.