Undoubtedly, Tornado Cash served as a haven for hackers. Illegal funds were laundered on the Ethereum-based network since the specifics of transactions are frequently obscured. Following Dutch authorities’ arrest of the network’s developer, the US government put sanctions on the platform.
While some were against it since it interfered with the industry’s decentralization, Kevin O’Leary, dubbed Mr. Wonderful, was really quite happy with the situation.
Crypto mixers like Tornado Cash, according to O’Leary, may be part of the “crypto cowboy culture.” He said that before this, there was little chance that institutional interest in cryptocurrency would rise. He went on to say:
“I think we’re getting to that stage now. Maybe we’re in the third or fourth inning towards that, but I’m tired of this crypto cowboy crap. I want to get involved in a regulated place where we can bring billions of dollars to work. I don’t need to be a crypto cowboy, and I don’t want to be one because I work in the regulated world.”
Was it appropriate to detain the founder of Tornado Cash?
The demise of numerous sites was watched by the crypto community. These companies’ abrupt failures, from Terra to Three Arrows Capital, cost millions of dollars. The creators of these platforms still live in freedom, though. The originator of Tornado Cash, Alexey Pertsev, had to face the wrath of the government, nevertheless.
While crypto Twitter seemed to be rising in support of Pertsev, O’Leary suggested that the whole scenario was a necessary sacrifice. Speaking about the arrest, he added,
“At the end of the day, it’s okay to arrest that guy. Why? He’s messing with the primal forces of regulation […] If we have to sacrifice him, that’s okay, because we want to have some stability in that institutional capital.”
He further suggested that the crypto-verse should emerge as a “rules-based environment.” Only then will it lure in more institutional capital.
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