Thu, September 26, 2024 at 23:33

• 

  Kang-hoon

  • Hello, Annie.

  • Today, I have some significant news regarding TornadoCash co-founder Roman Storm.

  • A U.S. court has denied his request to dismiss the indictment against him.

  • 
• Annie

  • Oh, really?

  • What does that mean for him?😮

  
• 

  Kang-hoon

  • It means that the Department of Justice's case against Storm will proceed to trial.

  • This decision was made by New York District Court Judge Kathryn Polk Pyla on June 26.

• Annie

  • So, what charges is he facing exactly?

  
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• 

  Kang-hoon

  • Storm and his co-founder Roman Semenov were indicted last August on three federal charges: conspiracy to launder money, conspiracy to violate sanctions, and conspiracy to operate an unlicensed money transmitting business.

• Annie

  • Wow, those are serious charges!

  • What did the judge say about the validity of these charges?

  
• 

  Kang-hoon

  • Judge Pyla stated that the prosecutors had brought valid charges against Storm.

  • She emphasized that Tornado Cash was no different from any other financial services or money transfer company.

• Annie

  • Interesting.

  • Did Storm have any defense?

  
• 

  Kang-hoon

  • Storm argued that he was being prosecuted merely for writing code.

  • However, the judge did not accept this argument.

• Annie

  • When is his trial scheduled?

  
• 

  Kang-hoon

  • The trial is set for December 2.

  • If convicted on all three charges, Storm could face a maximum penalty of 45 years in prison.

  • 
• Annie

  • That's a long time.

  • What about his co-founder, Semenov?

  
• 

  Kang-hoon

  • Semenov, who is a Russian national, is still on the run.

  • He has not been apprehended yet.

• Annie

  • I see.

  • What impact could this have on the crypto market?

  
• 

  Kang-hoon

  • This could be seen as a negative development.

  • Increased regulatory scrutiny and legal actions against key figures in the crypto space can create uncertainty and potentially deter investment.

• Annie

  • So, would you say this news is bad for the market?

  
• 

  Kang-hoon

  • Yes, I would categorize this as bad news for the market.

  • It highlights the ongoing regulatory challenges and legal risks associated with the cryptocurrency sector.

  • Upon comprehensive consideration, this news is perceived as a 😱Bearish.