Vitalik Buterin Donates to Controversial Altcoin Shiba Inu (SHIB): Price Surges!

  • Ethereum co-founder Vitalik Buterin has shown his support for Tornado Cash developers by making a significant donation.
  • This move comes amidst ongoing legal challenges faced by the developers, Alexey Pertsev and Roman Storm.
  • Buterin’s donation has led to a notable increase in the price of Tornado Cash’s native token, TORN.

Vitalik Buterin’s donation to Tornado Cash developers sparks a surge in TORN token price amidst ongoing legal battles.

Vitalik Buterin’s Support for Tornado Cash Developers

Vitalik Buterin, the co-founder of Ethereum, has recently made headlines by donating 30 ETH, approximately $113,000, to support the legal defense of Tornado Cash developers Alexey Pertsev and Roman Storm. This donation was made through the decentralized fundraising platform Juicebox, specifically to the “Free Pertsev and Storm” defense fund. As of the latest reports, the fund has accumulated around $2.2 million worth of ETH.

Legal Challenges Faced by Tornado Cash Developers

In the past year, Tornado Cash developers have faced significant legal hurdles due to their association with the crypto mixer. Alexey Pertsev was sentenced to 64 months in prison by a Dutch court for allegedly laundering approximately $1.2 billion through the Tornado Cash mixer between July 2019 and August 2022. Pertsev has appealed the decision at the ‘s-Hertogenbosch Court of Appeal in the Netherlands. Similarly, Roman Storm has been in custody in the United States since 2023, with his trial scheduled for September.

Impact on TORN Token Price

Following Buterin’s donation, the price of Tornado Cash’s native token, TORN, experienced a sharp increase. The token surged from its intraday level of $2.73 to $3.17. Although the token later lost some of its gains, it continued to outperform the broader market, trading at $2.97 with a daily increase of 7.6% at the time of writing.

Broader Crypto Community Support

Buterin’s donation is symbolic of the growing support within the crypto community for Tornado Cash and its developers. Last month, three blockchain advocacy groups submitted amicus curiae briefs in support of Roman Storm, urging the court to dismiss the charges against him. Additionally, several crypto projects, including Optimism, Aave, MakerDAO, YearnFi, Alchemix, and Uniswap, are discussing potential donations to support the developers.

Political Backing Against DOJ’s Definition Expansion

U.S. Senators Cynthia Lummis and Ron Wyden have also voiced their opposition to the Department of Justice’s (DOJ) attempt to expand the definition of money-transmitting businesses to include non-custodial crypto asset software services like Tornado Cash. They argue that such broad definitions could stifle innovation and undermine public trust in the rule of law.

Conclusion

Vitalik Buterin’s donation to the Tornado Cash developers underscores the ongoing debate over privacy and regulation within the crypto space. As the legal battles for Pertsev and Storm continue, the crypto community’s support remains crucial. This development not only highlights the challenges faced by privacy-focused projects but also the resilience and solidarity within the crypto ecosystem.

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Alican is a young and dynamic individual at the age of 23, with a deep interest in space exploration, Elon Musk, and following in the footsteps of Atatürk. Alican is an expert in cryptocurrency, price action, and technical analysis. He has a passion for sharing his knowledge and experience through writing and aims to make a positive impact in the world of finance.
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