Roman Storm, the co-founder of the crypto mixing service Tornado Cash, has asked for help to raise an immediate $500,000 ahead of his trial on Monday on charges of money laundering and sanctions violations.

Storm posted on X on Saturday that he faces a “critical shortfall” and needs to raise $500,000 in the next few days, and will need another $1 million within the next few weeks to cover the cost of his legal battle.

“My team is working nonstop to defend code as free speech, protect software development, and push back against government overreach that threatens us all,” he added.

In May, Free Pertsev & Storm, an organization set up to provide legal aid to the Tornado Cash founders, projected that the total legal costs for Storm’s trial would be $2 million.

However, Storm said on Friday that his legal fees will mount to $3.5 million as his trial could last up to four weeks, double the initially anticipated two weeks, due to “complex legal arguments and unforeseen witnesses and evidence.”

Storm was arrested in August 2023 on counts of money laundering, conspiracy to operate an unlicensed money transmitter, and conspiracy to violate US sanctions and faces up to 45 years in prison if found guilty.

On Friday, Storm’s legal team attempted to postpone the trial, arguing that prosecutors disclosed a witness after the scheduled deadline had ended.

The judge overseeing Storm’s criminal trial, Judge Katherine Failla, said she would not allow any mention of the US Treasury’s sanctions levied against Tornado Cash, which were withdrawn in March.

Related: Ethereum Foundation pledges $500K to Roman Storm’s defense

In April, the crypto lobbying group the DeFi Education Fund petitioned the Trump administration to end the so-called “lawless prosecution” of open-source software developers, including Roman Storm.

57% of goal raised for Tornado Cash trial

Storm is attempting to raise $3.5 million in total. At the time of writing, Storm has managed to raise $1.96 million, approximately 57% of the goal.

Since the donations are made in Ether (ETH), the amount raised can fluctuate. Currently, ETH is trading at $3,030, up 2.9% in the past 24 hours, according to Nansen.

Last month, the Ethereum Foundation said it would donate $500,000 and match community donations up to $750,000 for Storm’s legal defense.

MetaCartel’s Bill Warren said that the MetaCartel DAO has given all the funds it had left in its treasury to support the cause.

Magazine: Inside a 30,000 phone bot farm stealing crypto airdrops from real users

]]> https://earlybirdsinvest.com/tornado-cashs-roman-storm-makes-urgent-plea-for-500k-as-trial-looms/feed/ 0 47539 https://earlybirdsinvest.com/urgent-appeal-to-help-defend-tornado-cashs-roman-storm-and-the-right-to-financial-privacy/ https://earlybirdsinvest.com/urgent-appeal-to-help-defend-tornado-cashs-roman-storm-and-the-right-to-financial-privacy/#respond Sun, 13 Jul 2025 21:06:48 +0000 https://earlybirdsinvest.com/urgent-appeal-to-help-defend-tornado-cashs-roman-storm-and-the-right-to-financial-privacy/

Tornado Cash co-founder Roman Storm took to Twitter with an urgent plea for support, ahead of his high-profile trial date tomorrow. Storm, who has been battling legal charges for nearly two years, is calling on the crypto community to help raise $500,000 in the next few days and $1.5 million in the coming weeks to cover escalating legal fees, expert witnesses, and research costs as the case stretches beyond its initial two-week projection.

Who is Roman Storm, and what is Tornado Cash?

Storm, for the uninitiated, is a prominent blockchain developer and co-founder of Tornado Cash, a privacy-focused Ethereum mixing service. Tornado Cash enables users to obfuscate the origin and destination of crypto transactions, providing a layer of privacy on public blockchains.

He has been entangled in legal proceedings since his arrest in August 2023, when U.S. authorities charged him with conspiracy to commit money laundering and sanctions violations related to Tornado Cash. He has spent nearly two years under restrictive conditions, facing mounting legal and financial pressure as his trial date approaches on July 14, 2025.

In a recent urgent appeal, Storm revealed a critical funding shortfall: $500,000 needed within days and $1.5 million required in the coming weeks.

Why this case matters for crypto, privacy, and freedom

Storm’s defense centers on the principle that writing and publishing open-source code is a form of free speech protected under the First Amendment. The outcome of this case could set a precedent for how governments treat software developers and open-source contributors worldwide.

Tornado Cash and similar privacy tools are essential for safeguarding user anonymity in a financial system that is increasingly surveilled. The prosecution of Storm is seen by many as a direct challenge to the right to financial privacy and the legitimacy of privacy-preserving technologies.

The case also raises concerns about government overreach and the potential criminalization of software development. If Storm is convicted, it could have a chilling effect on innovation and deter developers from working on privacy-enhancing technologies.

Community support and how you can help

The crypto community has rallied around Storm, viewing his case as a battle for fundamental freedoms. Vitalik Buterin, co-founder of Ethereum and a leading voice in the blockchain space, publicly donated $170,000 to Storm’s legal defense fund earlier this year, and many other prominent crypto members have also joined the cause.

Storm’s team has set up a donation portal at freeromanstorm.com to collect contributions for his legal defense. Every donation, large or small, supports the broader fight for privacy, free speech, and the right to develop open-source software.

Storm’s trial is more than a personal legal battle. It’s a referendum on the rights of developers, the future of privacy in digital finance, and the limits of government power in the age of open-source technology. The outcome will resonate far beyond the crypto world, affecting anyone who values privacy, innovation, and freedom of expression.

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Crypto trader and analyst Ali Martinez is warning that Bitcoin (BTC) could undergo a significant correction amid a bearish signal from a reliable indicator.

Martinez tells his 139,100 followers on the social media platform X that the Tom DeMark (TD) Sequential indicator is suggesting that Bitcoin could fall by over 63% from the current level.

The TD sequential indicator is a technical analysis tool used to determine potential trend and price reversal points.

“This one indicator has predicted every major Bitcoin crash and it just flashed again. The Tom DeMark Sequential just gave a quarterly sell signal. This is a rare warning that has historically preceded brutal drawdowns.

Back in 2015, the same signal appeared and Bitcoin dropped 75% after. Then in 2018, same setup, same outcome – Bitcoin plunged over 85%.

Now it is flashing again. If this plays out like before, Bitcoin could drop below $40,000.”

Bitcoin is trading at $107,850 at time of writing.

Citing data from the blockchain analytics platform IntoTheBlock, Martinez says that between May 22nd and June 29th, the number of Bitcoin transactions valued at more than $100,000 has fallen from 30,840 to 16,860, a drop of around 45%.

The crypto trader and analyst also cites data from crypto analytics firm CryptoQuant suggesting that buyer interest for Bitcoin over 30 days has plummeted by 36,988 BTC.

“Apparent demand for Bitcoin has dropped to -37,000 BTC, signaling a sharp decline in buying interest!”

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A widely followed analyst is saying Ethereum (ETH) could depreciate massively against Bitcoin (BTC) if the second-largest crypto asset by market cap loses a key support level.

The analyst, pseudonymously known as Sherpa, tells his 245,400 followers on the social media platform X that Ethereum is at a “do-or-die” level when paired against Bitcoin.

According to Sherpa, Ethereum could plunge by around 58% from the current price if the major support level at around 0.01745 BTC is lost.

“If you lose this area, then you go back to early 2017 levels for Ethereum…”

Ethereum is trading at 0.01898 BTC at time of writing, down by around 88% from the all-time high reached in June of 2017.

Next up is Bitcoin. The pseudonymous analyst says that over the short term, Bitcoin could enjoy a rally before undergoing a correction of up to 20% from the target price.

A correction will then be followed by another rally to a higher target price later. According to Sherpa, the up and down movements in Bitcoin’s price will be correlated to those of altcoins all through.

“Continued Rally until $100,000 BTC; altcoins continue to do well until then, followed by equities pulling back (currently in a lower high rally) = BTC pullback to $80,000, altcoins also pullback.

Chop period and then much higher in third quarter/fourth quarter.”

Bitcoin is trading at $94,460 at time of writing, up by around 13% over the past two weeks.

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A US bank is warning thousands of customers that their sensitive information may be at risk following an “administrative error.”

In a new filing with the Office of the Maine Attorney General, Bluestone Bank says an error in late February led to the unauthorized disclosure of personal data belonging to 7,605 customers.

According to the Bridgewater, Massachusetts-headquartered bank, personal and confidential information belonging to its customers was inadvertently sent to an unintended recipient on February 28th of this year.

“The personal information that may have been accessed includes the data we have on file for you, such as your name, address, social security number, and account number(s).”

Bluestone Bank says it has taken various steps to minimize the risk of potential harm to customers.

“The individual who received the information has signed a Certificate of Destruction, confirming that all information was promptly and securely destroyed and no information was retained…

We have further addressed this incident by reinforcing proper data handling procedures and mandating retraining on the appropriate management of customer data. In addition, we have evaluated and enhanced our existing protocols and controls to ensure this will not happen again.”

To prevent possible misuse of personal information following the incident, Bluestone Bank is offering its customers a complimentary membership to an identity-monitoring service for one and a half years.

Customers also have the choice of closing and reopening their bank accounts as a safety precaution.

Bluestone Bank had $1.5 billion in total assets as of November of 2024.

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A widely followed cryptocurrency analyst and trader believes that Bitcoin (BTC) is not yet out of the woods despite rising from a 2025 low of around $74,000.

The analyst, pseudonymously known as the Flow Horse, tells his 267,200 followers on the social media platform X that he believes Bitcoin will revisit price levels below $80,000.

But the trader says the current Bitcoin bounce could take BTC above $90,000 before his expected leg down ensues.

“Think BTC definitely visit $70,000s again. Think a good trade that I would almost certainly sell is if price can remain bid at $88,000. That probably takes us to mid-$90,000s. There is a running diagonal, and a couple of moving averages that everyone is looking at. Momentum opportunities exist on the other side.”

The trader also highlights that if President Trump somehow manages to fire Federal Reserve Chair Jerome Powell, it would be catastrophic for risk assets like Bitcoin and crypto.

“Given Trump’s language, if by some measure he is able to boot Powell (Think this might be impossible, but man, clown world right now..) markets nuke.”

The Flow Horse also says he has zero exposure to Bitcoin or equities and thinks that the current rallies will be short-lived.

“Thinking the trend is your friend and rallies are for selling still.”

Bitcoin is trading at $84,490 at time of writing.

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Cryptocurrency analyst Benjamin Cowen is highlighting a technical signal that could trigger a massive leg down for Bitcoin (BTC).

In a new strategy session, Cowen tells his 888,000 YouTube subscribers that Bitcoin could witness a death cross “in about one to two weeks” if the status quo remains.

A death cross is a bearish signal that occurs when an asset’s 50-day moving average crosses below its 200-day moving average.

According to Cowen, a sell-off could precede the death cross.

“There’s plenty of times where there’s a sell-off just before the death cross, just before it… If it happens again, it could be kind of a scary time.”

Based on the trader’s chart, he seems to suggest that a looming death cross foreshadows a Bitcoin correction, as witnessed in 2019 and 2021.

The widely followed analyst also unveils his outlook in the event that his bearish prediction takes place.

“Usually there’s a low around the time of that death cross and depending on how low the price is at that time would sort of give us some insight into the fate of the next rally – whether it’s a rally to a new high or just a counter-trend rally to a lower high.”

According to Cowen, a drop below $70,000 could mean that Bitcoin has broken the market structure and will not rise above the current all-time high of around $109,000.

“…[BTC could] resolve to a lower high if Bitcoin goes into the $60,000s, especially the low $60,000s… …if it’s like $63,000, it’s going to be hard to ignore.”

If Bitcoin carves a local bottom above $70,000, Cowen says,

“If it holds above $73,000, then there’s no guarantee with the market, but it would suggest that the structure of the market remains intact.”

Bitcoin is trading at $85,052 at time of writing.

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Cryptocurrency trader Ali Martinez says a payments-focused altcoin must stay above a key price level to avoid a steep corrective move.

Martinez tells his 133,500 followers on the social media platform X that if XRP (XRP) falls below $2, it risks witnessing a deeper drawdown due to a lack of consolidation below the price level.

“XRP testing the waters! Below $2, a gap with no significant support could pull it to $1.60.”

Based on a chart citing on-chain data from blockchain analytics platform Glassnode, it appears that there’s an “air gap” between $2 and $1.60, indicating a weak foundation for XRP around that price zone.

XRP is trading at $2.56 at time of writing.

Next up is the layer-1 protocol Solana (SOL). According to Martinez, SOL is facing a “big test” at a resistance level a few percentage points above the current price.

“$135 stands as the most important resistance.”

The widely followed analyst further says that investors in the sixth-largest crypto asset by market cap are capitulating based on the altcoin’s net unrealized profit/loss metric (NUPL), an on-chain indicator that measures whether accumulators of a coin are in a state of profit or loss.

Based on the trader’s chart, SOL’s NUPL is hovering below the zero line, indicating that investors are witnessing losses and in the midst of capitulation.

Solana is trading at $132 at time of writing, down by around 55% from the all-time high price of $293 reached January 20th.

Looking at the top memecoin Dogecoin (DOGE), Martinez says that the altcoin has recorded significant demand in a week.

“Whale alert! Over 110 million Dogecoin bought up in a week. Big players are betting on a breakout.”

Dogecoin is trading at $0.173 at time of writing.

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Kazakhstan President Kassym-Jomart Tokayev called for an urgent expansion of the country’s crypto infrastructure during a government meeting. 

“The turn towards the widespread use of cryptocurrencies and other digital assets has emerged in the financial sector,” President Tokayev said on 28 January 2025. 

“The development of artificial intelligence is becoming a fundamental factor, and competition between leading technological powers is intensifying in this area,” he added. “In such conditions, we need to have a clear strategy of action aimed at overcoming the serious challenges of the new era.”

Kazakhstan expands crypto infrastructure! President Tokayev pushes for urgent legal reforms to boost digital assets.

For more details and updates
Website: https://t.co/UWVOf5E2bt
Mail ID: [email protected]#kairaa #techserve #technology #cryptocurrency #luxembourg pic.twitter.com/Y3OKeGgaVA

— Kairaa (@kairaa_tech) January 30, 2025

Kazakhstan has emerged as a key player in the cryptocurrency industry, particularly in mining. 

Kazakhstan quickly became the second-largest Bitcoin mining hub globally. It accounts for nearly 18% of Bitcoin’s total hash rate at its peak. Its low electricity costs and surplus energy from coal-fired power plants attracted miners from around the world.

Despite these advancements, only about 5% of Kazakhstan’s crypto investors currently use regulated platforms like Galaxy Digital, SkyBridge Digital Finance, and Swiftex at the AIFC.

The majority operate in what Tokayev described as the “gray zone,” exposing them to risks associated with unregulated markets.

To address this issue, Tokayev emphasized the need for financial regulators to develop a robust legal framework that encourages broader legal participation in the crypto ecosystem.

Tightened Crypto Regulations In 2024, Kazakh Shut Down 36 Crypto Exchanges

Contrary to the President’s call for a crypto infrastructure, Kazakhstan recently implemented stricter regulations on crypto activities throughout 2024.

According to the government website, in 2024, 36 illegal crypto exchanges were shut. A total turnover of 60 Billion Tenge were destroyed. Furthermore, assets in the amount of $ 4.8 million (about 2.5 Billion Tenge) were frozen and confiscated.

According to the government, “Such entities (illegal crypto exchanges) do not identify their clients and do not identify suspicious transactions. Therefore, their services are often used by cyber crooks and drug traffickers.”

To capitalize on the growing crypto industry, Kazakhstan introduced a tax framework targeting miners.

However, enforcement challenges persisted due to non-compliance by many operators.

Explore: Kazakhstan Tightened Crypto Regulations In 2024, Shut Down 36 Crypto Exchanges

Mastercard Expands Crypto Solutions To Kazakhstan

Mastercard has launched Crypto Credential solution for the people of UAE and Kazakhstan in the EEMEA region.

“Crypto is maturing, and we’re all about making it accessible, secure, and trustworthy,” said Gaurang Shah, Mastercard’s EVP of Core Payments for EEMEA. With this move, Mastercard is doubling down on its vision to transform how people interact with digital assets.

The inclusion of the UAE and Kazakhstan marks an important milestone for the Crypto Credential network as they join a growing list of global markets already benefitting from this technology. This network spans North America, Europe, Latin America and Asia Pacific.

Explore: Mastercard Expands Crypto Solutions To UAE And Kazakhstan

https://99bitcoins.com/news/president-of-kazakhstan-pushes-for-urgent-expansion-of-crypto-infrastructure/