Altcoin
Vitalik Buterin made a donation to that controversial Altcoin: the price went up!
Ethereum co-founder Vitalik Buterin showed his support for the Tornado Cash developers with a donation. Buterin donated 30 ETH, approximately $113,000, to support the legal defense of Alexey Pertsev and Roman Storm. Following this development, the price of Tornado Cash’s native token, TORN, skyrocketed.
Vitalik Buterin donated for the developers of Tornado Cash!
Etherscan data shows that Buterin made a donation to the “Free Pertsev and Storm” defense fund on the decentralized fundraising platform Juicebox early May 30. The fund raised 591 ET worth $2.2 million at the time of this writing. Buterin’s donation is actually not very surprising. After all, the inventor of Ethereum is a major advocate of cryptocurrency privacy tools. Moreover, Vitalik Buterin remains a constant user of such platforms.
Following this development, the TORN the price jumped to $3.17 from its intraday level of $2.73. The token then lost ground, but outperformed the calm market. At the time of writing, TORN was trading at $2.97, up 7.6% on the day.
TORN daily price chart. Source: CoinMarketCap
Legal problems for Tornado Cash developers
As you followed from Cryptokoin.comLast year, Pertsev and Storm, developers of the Tornado Cash privacy protocol, faced legal issues due to their involvement with the crypto mixer. Earlier this month, a Dutch court sentenced Pertsev to 64 months in prison for laundering around $1.2 billion through cryptocurrency mixer Tornado Cash between July 2019 and August 2022. However, the developer appealed the verdict at the Court of Appeal of s-Hertogenbosch in the Netherlands. . Likewise, Storm has been in US custody since 2023. Furthermore, his trial is scheduled for September.
Meanwhile, Vitalik Buterin’s donation is symbolic Tornado Cash and its developers. Because this move reflects the project’s growing support within the crypto community. Last month, three blockchain advocacy groups filed amicus curiae briefs in defense of Storm. They also supported his efforts to dismiss the charges.
The support from the world of cryptocurrencies continues!
Furthermore, US legislators Senators Cinzia Lummis and Ron Wyden also opposed the Department of Justice’s (DOJ) attempt to expand the definition of money transmitting activities to include non-custodial cryptocurrency software services such as Tornado Cash. They argued that such broad definitions would stifle innovation. They also said this would undermine confidence in the Justice Department’s adherence to the rule of law.
Additionally, several crypto projects are preparing proposals to support developers. Discussions about potential donations on the site are ongoing OptimismAave, MakerDAO, YearnFi, Alchemix and Uniswap.
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