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Tornado Cash Developer Released, Solana Monkey Business IP Sold

Apr 21, 2023
Author
Walter Teng, CFA
Walter Teng, CFA AC
Market Update Digital asset markets continue their decline from earlier in the week amidst a broader market correction. $SPX (-0.1%) and $QQQ (-0.1%) are poised to make weekly losses, while NDAQ (-0.5%) is set to close the week up 2.0%. $BTC (-2.3%) is trading at $28k at time of writing after getting rejected from the $30k range on Wednesday. $ETH (-3.0%) exhibited a higher beta as it slid below $2k as well. Given the market's progress since the November bottom, much of market sentiment has improved and perhaps overheated, as evidenced by newer projects and increased meme-coin price action. A correction at these levels should be constructive for another leg up without losing market structure at $23k and $1.5k.Tornado Cash developer Alex Pertsev is expected to be released from jail on April 26 pending trial. He spent almost nine months in prison after being arrested by Dutch authorities in August on suspicion of involvement in money laundering through the crypto mixing service Tornado Cash. The suspended release will allow Pertsev to await trial from home under surveillance and with an ankle monitor. Pertsev's arrest occurred after the US Treasury Department placed several Tornado Cash addresses on the Office of Foreign Asset Control sanctions list. Previously, a Dutch court de

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