Key Points:

  • Authorities will release Tornado Cash creator Alexey Pertsev from prison.

  • From next Monday, he will be under home arrest with an ankle monitor and under monitoring.

  • The Netherlands arrested him in August when the OFAC sanctioned the crypto-mixing service.

Alex Pertsev, the creator of Tornado Cash, is poised to be freed from prison after almost nine months behind bars.

According to reports, the Netherlands court has granted Tornado Cash creator Alexey Pertsev some respite. From next Monday, he will be under home arrest with an ankle monitor and under monitoring.

Pertsev is likely to be freed on April 26, his birthday, without having to post any financial security and will be allowed to return home.

The ruling by a court in’s-Hertogenbosch comes after Pertsev was arrested in August on the instructions of the Netherlands financial crime authorities Fiscal Information and Investigative Service (FIOD). Dutch officials detained Pertsev on accusations of money laundering using the cryptocurrency mixing service Tornado Cash.

Tornado Cash was sanctioned by the US Treasury Department’s Office of Foreign Assets Control shortly before Pertsev’s arrest, with the service being used to generate cash for the North Korean dictatorship.

The Dutch public prosecutor had previously said Pertsev presented a flight risk and may conceal evidence if free, but had only made broad claims until last week.

The next hearing is set for tomorrow, April 21, and the probe will continue on May 24. Keith Cheng, Alexey Pertsev’s lawyer, is attempting to refute prosecutors’ claims that Pertsev and others managed Tornado like a company rather than just sharing code.

The crypto community reacted positively to the news of Pertsev’s release under observation. The essential point, according to the creator of Crypto Canal, a crypto educator who attended the court, is that Pertsev “can walk around and work on his defense, something that was virtually impossible while detained.”

@Free__Alexey IS FREE TO GO HOME Next Wednesday 26th, he can await his trial at home with electronic monitoring.The most important thing is that he can walk around and work on his defense, something that was virtually impossible while detained.

— Eléonore Blanc #ETHDam (@blockblanc) April 20, 2023

Tornado Cash (TORN) has increased by more than 20% in the previous 24 hours and is now trading at $9. The low and high for the day are $8.48 and $11.52, respectively. Also, trading volume has grown by more than 200% in the previous 24 hours, suggesting an increase in trader interest.

TORN price chart. Source: TradingView

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News