Seattle-Based Crypto Startup KaJ Labs Offers to Contribute Funds to Tornado Cash Developer Alexey Pertsev's Legal Defense
Seattle, Washington - September 19, 2022 (Newsfile Corp.) (Investorideas.com Newswire) KaJ Labs is a staunch supporter of cryptocurrency, fairness and justice. To that end, the Lithosphere creators and builders have expressed their willingness to support the legal defense fund for Tornado Cash developer, Alexey Pertsev. The announcement came after the U.S. Treasury's Office of Foreign Assets Control (OFAC) enacted sanctions on the Tornado Cash crypt mixing platform.
This is the first sanctioning of its kind by OFAC of an open-source code platform operating without guidelines by a corporation or other entity. The action has been criticized by multiple cryptocurrency companies.
The Treasury further alleges that Tornado Cash laundered more than $7 billion in digital currency since it's 2019 launch, along with $485 million stolen by hackers in the North Korean state-sponsored Lazarus Group. The U.S. also claims Tornado Cash laundered over $100 million stolen in 2022 during two heists - one from Harmony Bridge and the other from Nomad.
The offer by Lithosphere creator KaJ Labs is significant. The company supports penalties against bad actors. However, the sanctions levied against Tornado Cash encompass an entire cryptocurrency platform and keeps digital funds out of the hands of innocent holders.
About KaJ Labs
KaJ Labs is a decentralized research organization focusing on AI and blockchain technology. We're driven to create innovative products that work for the greater good around the globe.
Lithosphere is the next-generation network for cross-chain applications powered by AI and Deep Learning.
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