TORN, the native cryptocurrency of Tornado Cash, has witnessed a significant surge in price as sources report the upcoming release of Tornado Cash developer Alexey Pertsev from jail. The Netherlands authorities detained Pertsev in August following the US Treasury Department’s Office of Foreign Assets Control (OFAC) imposing sanctions on the crypto mixing service.
The Dutch court has approved some relief for Alexey Pertsev, who will now remain under house arrest with an ankle monitor and surveillance from next week. Pertsev has been in pre-trial detention since August, with no formal charges presented against him thus far. However, the crypto community has expressed disappointment with his detention and even protested against the authorities. A panel of Dutch judges previously denied Pertsev bail due to flight risk.
The next hearing is scheduled for May 24, and Alexey Pertsev’s lawyer Keith Cheng aims to challenge prosecutors’ allegations that Pertsev and others ran Tornado like a business instead of just publishing code.
TORN Price Jumps by 20% Following Tornado Cash Developer’s Release
In the last 24 hours, the price of TORN has skyrocketed by over 20%, currently trading at $10.45 with a 24-hour low of $8.48 and high of $10.88. Moreover, trading volume has increased by 235% in the last 24 hours, indicating heightened trader interest.
Investor sentiment suggests that if Tornado Cash developer Alexey Pertsev is released, TORN’s price could soar to $20. Furthermore, if exchanges such as Coinbase list TORN, the price could rally over $50. It’s worth noting that Coinbase fully supports Alexey Pertsev and Tornado Cash.
