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After eight months, the developer of Tornado Cash was reportedly released from house arrest, causing TORN to surge by over 30%.

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After eight months, the developer of Tornado Cash was reportedly released from house arrest, causing TORN to surge by over 30%.

Yearn developer bangteg released on Twitter that Tornado Cash developer Alexey Pertsev has been released, causing Tornado Cash's TORN to surge over 30% at one point.

Note: This article was updated on April 20, 21:00.

Tornado Cash Protocol Faces U.S. Sanctions

Since August 2022, Tornado Cash has been embroiled in a series of regulatory events, sparking significant controversy in the crypto space:

  • August 8: Tornado.cash is sanctioned by the U.S. Office of Foreign Assets Control (OFAC)

  • August 9: Founder's GitHub account suspended

  • August 12: Developer Alexey Pertsev arrested

  • August 20: Mining pools and protocols begin compliance reviews, halting transaction processing

  • September 14: U.S. Treasury Department responds, agreeing to consider individual transactions, stating that user transactions not involving sanctioned activities can apply for release of frozen funds

Tornado Cash Developer to be Placed under House Arrest

Conversation screenshots from bangteg reveal that Alexey Pertsev will be placed under house arrest with an electronic ankle monitor after a week, with reports from The Block and Cointelegraph also interviewing Pertsev's wife, who stated that he will return home on April 26 to await trial.

Tornado Cash Token (TORN) Surges Over 30% in Short Time

Boosted by positive news, TORN briefly rose to $11.6 before retracing to $10.6, a 21.4% decrease at the time of writing.

TORN Hourly Chart