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dont believe their lies 🦊 💖🗡️
For new technologies to be able to play a role in protecting [people's] privacy, [we all] must guard jealously the ability for [people] to use them freely.
8 tuntia sitten
SEC Commissioner @HesterPeirce delivered an amazing speech today on financial privacy, which included references to Phil Zimmermann’s Pretty Good Privacy (PGP) and Eric Hughes’ A Cypherpunk’s Manifesto.
She stated: “Rather than something to be feared, we should embrace these tools’ ability to help humanity live freer lives without unwarranted financial surveillance. People use these tools for bad purposes too, but treating technology as the villain will impinge on legitimate users’ privacy.”
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🚨 BREAKING: The silence is over.
Haseeb & Tom finally speak out about the Tornado Cash trial.
Robert shares the unhinged story of how he tried to CTO a liquor company.
Tarun? Somehow drama-free.
Timestamps
00:00 Intro
01:58 Background on Tornado Cash
03:50 Legal Challenges & Sanctions
06:36 DOJ's Actions & Dragonfly's Response
11:25 Implications for Privacy & Crypto
27:06 Samourai Case & Broader Implications
33:37 Robert's Liquor Store Saga
37:17 LQR House Challenges & Legal Issues
46:05 Lessons Learned from the LQR House
50:01 SEC's New Crypto Policy
🔥Stay updated with all the latest hot takes by following and subscribing to @_ChoppingBlock and @unchained_pod!
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Closing statements.
Insane story spun by the state.
Also they really really REALLY hate T-shirts.
30.7.2025
9:35 am
Jury entering!
Judge: We begin with the Government.
AUSA Gianforti: You have had a front row seat to the world of international crime. Roman Storm knew what he was doing and he made millions of dollars. He found the real money was not in privacy but crime
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> There's no legal requirement of that sort of a direct connection
> The requirement is, are these transactions that provide a valuable service to that sanctioned entity
😳😳
26.7.2025
As of Thursday, in their Rule 29 response, the DOJ is still pushing this theory that Storm, by publishing TC software, provided a "valuable service" to a sanctioned entity because DPRK used the protocol. This flawed principle is limitless: if I make a hammer with no particular end user in mind and somehow that hammer ends up being used by DPRK, I provided them a "valuable service."
But you don't see them going after Apple for the iPhone, Google for its tech suite, etc., even though these tech tools are used by the DPRK. That's because this is a gross distortion of the law.
Back when we @fund_defi @jchervinsky wrote our amicus brief in support of @rstormsf's MTD, we reviewed over 100 sanctions cases and provided the court with a table of them - in every single case there was nexus between the sanctioned entity and the defendant, some evidence the defendant directly connected with the SDN or created a tool *for* the SDN specifically. There was no case - none - where a defendant made a tool with no particular end user in mind and was then convicted of violating sanctions because an SDN ended up with that tool in hand.
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Dragonfly invested into PepperSec, Inc., the developers of Tornado Cash, in August of 2020. We made this investment because we believe in the importance of open-source privacy-preserving technology. Prior to our investment, we obtained an outside legal opinion that confirmed that Tornado Cash as built complied with the law, under the guidance given by FinCEN in 2019.
The government has now stated in open court that they are contemplating charges against Dragonfly for having invested into the Tornado Cash team in 2020.
On counsel’s advice, we have refrained from public comment. But we can no longer remain silent.
We believe deeply in Americans’ right to privacy, and the lack of it remains one of crypto’s largest unsolved problems. We therefore stand by our investment. We did not operate or exercise any control over Tornado Cash, we had no contact with any malicious users, we always encouraged our portfolio companies to follow the law, and we maintain that Tornado Cash itself has a lawful right to exist—a view reinforced by Van Loon v. Department of the Treasury and OFAC’s subsequent rescission of sanctions. Charging a venture firm for a portfolio company’s alleged misconduct would be unprecedented, especially under these circumstances.
In 2023 we received a DOJ subpoena and have fully cooperated with the government’s investigation of Tornado Cash, confident that we have always complied with the law. The DOJ has made clear that we are not ourselves a target of their investigation. As with every investment, we provided PepperSec the same advice and support we offer all portfolio companies.
We believe the government’s statement in court today was primarily to undermine a defense of Tornado Cash—to make it more difficult for the defense to call Tom to testify on the stand.
After all of this time—years later—bringing charges against Dragonfly would be outrageous, contrary to the facts and the law, and would induce a chilling effect onto all investment into crypto and privacy-preserving technologies in America.
We don’t believe the DOJ would actually bring such absurd and groundless charges. But if they do, we intend to vigorously defend ourselves.
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Update 3: The exploit stemmed from a team member device being compromised in a targeted phishing attack, allowing the exploiter to gain access to the development environment. Many security measures limited the access, but gave the exploiter time to coordinate a series of withdrawals from the user accounts mentioned in the previous message.
The exploiter requested the first withdrawal at 13:50 UTC +8
Subsequent withdrawal requests came in gradually and the exploit was discovered and halted at 15:40 UTC
The team is in the process of a complete forensic review and is prioritizing the re-opening of withdrawals for all users
We will update here as soon as that's completed
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We got access to private communications with the recovery firm that tied Roman Storm to the Government’s first witness, pig-butchering scam victim “Katie” Lin.
And oh, boy.
Victims paid the service, called Payback, over $90,000 in fees for “fraudulent tracing reports.”
The firm tried to market itself as having been involved in Binance’s $4.3B AML settlement, and allegedly sold a victim’s email address to what appears to be another scam, asking the recipient to withdraw funds from exchanges and invest them in Bitcoin and Ethereum ETFs.
The entire first page of Google results is littered with financial authorities around the world warning of a Payback recovery scam. The FBI is still seeking victim statements.
How *on earth* did anything related to this ever make it into SDNY’s evidence.
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