In August 2022, the US Treasury Department placed the cryptocurrency mixing service Tornado Cash on the sanctions list of the Office of Foreign Asset Control (OFAC).
After this decision of the USA, Alex Pertsev, the developer of Tornado Cash, was also caught in the Netherlands and arrested for alleged money laundering through Tornado Cash.
According to the news of Coindesk, Alex Pertsev, who has been detained for about nine months, will be released by the Dutch court.
The court stated in its decision that Pertsev would remain under house arrest.
Although there is no official statement yet, Pertsev's lawyer, speaking to Coindesk, said:
“We are delighted that my client, Alex Pertsev, will be released.
We will work harder and better for his defense. "
It is stated that Tornado Cash developer will be released next Wednesday and house arrest will begin. Pertsev will not pay any bail to go under house arrest.
Alex Pertsev's next hearing is scheduled for May 24.
The price of Tornado Cash (TORN) saw a huge spike after the news that Pertsev was about to be released.
TORN, which has increased by more than 30% in the last 24 hours, went up to the level of $ 11.60. TORN, which has experienced some pullback, continues to trade at $ 9.95 at the time of writing.
Some analysts think that the TORN could go up to $20 after the Tornado Cash developer is released.
*Not investment advice.