Dragonfly Capital Faces Potential Charges Over Tornado Cash Ties, Vows to Fight Back
Main Idea
Dragonfly Capital may face legal challenges over its 2020 investment in Tornado Cash developer PepperSec, Inc., but the firm defends the investment, citing prior legal assurances of compliance.
Key Points
1. Dragonfly Capital invested in PepperSec, Inc., the developer of Tornado Cash, in 2020, believing in the importance of open-source privacy-preserving technology.
2. Managing partner Haseeb Qureshi stated that legal counsel at the time found no regulatory red flags regarding the investment.
3. The U.S. government has cracked down on Tornado Cash, charging developers Roman Storm and Roman Semenov with money laundering and violating sanctions.
4. Tornado Cash was sanctioned by the U.S. Treasury’s OFAC in 2022, but some addresses were later removed from the sanctions list following a court ruling.
Description
Dragonfly Capital may soon find itself in the crosshairs of U.S. prosecutors over its 2020 investment in Tornado Cash developer PepperSec, Inc., the firm behind the now-sanctioned crypto privacy protocol. Key Takeaways: Dragonfly Capital may face legal scrutiny over its 2020 investment in Tornado Cash developer PepperSec. Managing partner Haseeb Qureshi defended the move, citing legal assurances. Tornado Cash continues to process high volumes. The venture capital firm signaled Friday that it wou...
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