The price of TORN, the native token of the Tornado Cash platform, has surged over 20% as Developer Alexey Pertsev’s final day in prison approaches. Pertsev, who has been in detention since August 2022, announced via X that he will be released under electronic monitoring on Friday, February 7th.
TORN Gains as Dev’s Freedom Nears
The Dutch court’s decision to release Pertsev marks a milestone in his legal journey. According to his tweet, it will allow him to work on his appeal and “fight for justice.” The developer thanked the community for supporting him and making the development possible.
The appreciative tweet incited optimism among investors, leading to the token’s price surge. The community sees Pertsev’s release as a positive development for the Tornado Cash platform, which had been at the center of controversy in recent months. The token’s price surge hints that investors are bullish about the platform’s prospects.
Notably, the Tornado Cash platform allows users to anonymize their crypto transactions; hence, it is used by most users as a money laundering tech. Pertsev’s arrest and detention were related to allegations of money laundering through the Tornado Cash platform.
While concluding the tweet, the Tornado Cash developer added the hashtag #FreedomToCode, showing his excitement about the new development. The expected freedom will aid his so-called “fight for justice” and allow him to pursue his innovative dreams.
Meanwhile, the United States Fifth Circuit Court of Appeals has reversed sanctions imposed on the crypto-mixing platform. The court ruled that the Office of Foreign Assets Control (OFAC) exceeded its authority in blocking the service. The decision now makes Pertsev more eager to develop the project.
Other Executives Get Freedom
The recent development with Pertsev recalls other executives of crypto projects who have been released from prison. The founder of Silk Road, Ross Ulbricht, was recently pardoned by U.S. President Donald Trump after serving over a decade in jail for offenses related to his dark web marketplace.
After serving a four-month sentence for anti-money laundering (AML) violations, CZ, the co-founder of Binance, was released in September. His sentence was reduced from the initial 36 months the U.S. Department of Justice sought.
