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Alexey Pertsev, Tornado Cash developer, found guilty of laundering $1.2B in the Netherlands. Despite Tornado Cash being non-custodial, Pertsev sentenced to over 5 years in prison. Verdict sparks debate on accountability of open-source developers in crypto space. Alexey Pertsev, the found er of the cryptocurrency mixing protocol Tornado Cash, has been convicted of money laundering by Dutch judges at ‘s-Hertogenbosch court on May 14. The ruling comes after Pertsev’s arrest in the Netherlands in August 2022. It marks a pivotal moment in the intersection of cryptocurrency technology and legal accountability. Five years and four months in prison Despite Tornado Cash being a non-custodial crypto mixing protocol, wherein funds passing through the platform are not held or controlled by it, Pertsev has been sentenced to five years and four months in prison for allegedly laundering a staggering $1.2 billion worth of illicit assets. Tornado Cash gained...

The Bank of International Settlements [ BIS ] recently submitted a report to finance ministers of the world’s 20 largest economies [ G20 ]. The Bank pointed out the structural flaws present within the crypto ecosystem and went on to highlight why the digital asset class should not be used as MOney . Specifically, the BIS report focused on three key takeaways. First, it characterized the “congestion, and high fees” within the crypto ecosystem. According to the BIS, this leads to “fragmentation.” Usually, the fees paid by users for a transaction depend on the demand by other co-users and traffic on the blockchain at a particular time. Therefore, the fees kept fluctuating. Source: Etherscan Also Read: Bitcoin’s 2023 Correlation with Cardano, Shiba Inu, XRP Dips Other Crypto, DeFi Flaws Secondly, the BIS pointed out that despite “an original ethos of decentralization” crypto and DeFi present various risks. This is because they ...