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Venture capital firm Dragonfly is under scrutiny as U.S. authorities consider charges over its 2020 investment in Tornado Cash developer PepperSec. The firm argues the potential charges are legally unfounded and could harm innovation in privacy-focused crypto projects.
- Dragonfly invested in Tornado Cash developer PepperSec in 2020 after legal review confirmed compliance with FinCEN guidance.
- U.S. authorities allege Tornado Cash facilitated money laundering, including for North Korea’s Lazarus Group.
- Dragonfly argues prosecuting investors could deter venture funding for privacy-focused crypto projects.
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Other Tags: Tornado Cash, Haseeb Qureshi, Roman Storm, Tom Schmidt, Department of Justice (DOJ), DOJ, Dragonfly, FinCEN, U.S. Government