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Tornado Cash Founder Roman Storm Stands Trial Next Month for Money Laundering Charges
- Roman Storm, co-founder of Tornado Cash, is facing trial on July 14 for money laundering and operating an unlicensed money transmitter.
- Tornado Cash is a cryptocurrency-mixing service allowing increased privacy but has been used by hackers to launder money.
- The Ethereum Foundation supports Storm, advocating for privacy and defending the role of developers in the DeFi market.
- US authorities allege Tornado Cash laundered over $1 billion in illicit funds, enabling criminals to disguise transactions.
- The case against Storm signifies a change in US crypto regulation, following a scaling back of regulatory activities.
- Storm's defence argues the case threatens open source innovation and could harm the DeFi market.
- The DOJ sought Storm to implement KYC procedures with Tornado Cash, which he believes would render the service obsolete.
- Storm faces challenges in presenting expert witnesses during his trial, with the DOJ dismissing their relevance to the case.
- The Ethereum Foundation donated funds for Storm's defence, stating their belief in his innocence and the importance of privacy technologies.
- A hacker who stole $23 million in crypto from Bittrue exchange in 2023 is laundering the funds through Tornado Cash, potentially complicating the case.
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