Monday, December 5, 2022
HomeDeFiDutch regulators warns Tornado Cash developer to be punished for creating code...

Dutch regulators warns Tornado Cash developer to be punished for creating code to commit crimes

The Netherlands’ Fiscal Information and Investigation Service (FIOD), which on August 12 arrested a Tornado Cash developer, stated that developers could be held responsible if they created a code for the “sole purpose” of committing a crime or facilitating criminals. This statement was made after the FIOD arrested the Tornado Cash developer.

The advocacy organisation DeFi Education Fund shared the FIOD’s statement on their Twitter account on August 17 after receiving it from the FIOD. The identity of the arrested software developer has not been made public by the FIOD. However, based on the assertions made by Alexey Pertsev’s wife, Ksenia Malik, it is widely believed that the software engineer who was detained was Alexey Pertsev.

The Financial Institutions Oversight Directorate (FIOD) had previously informed the DeFi Education Fund that the jailed Tornado Cash developer was suspected of concealing the flow of illegal money and aiding in money laundering.

According to the Defi Education Fund, the remarks made by the regulatory body might have far-reaching repercussions for all software developers. These developers could be held liable for possible illegal uses of their software if the statements are upheld.

After the United States government banned the cryptocurrency mixing service Tornado Cash, the decentralised autonomous organisation (DAO) that was responsible for the project was forced to close its doors. One of the people who contributed to the mixer said in the past that the decision to shut down the DAO was made in order to safeguard contributors, including engineers who work outside of the Tornado Cash ecosystem.

Read more at Cryptoshrypto:
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


Please enter your comment!
Please enter your name here

13 + 20 =

- Advertisment -

Most Popular