Roman Storm, the developer behind Tornado Cash, pleaded “not guilty” during a court appearance on Wednesday. He is facing charges of conspiracy in operating a money transmission service, facilitating money laundering, and evading sanctions, media reports said.
Storm, who holds dual U.S. and Russian citizenship, is set to be released on a $2 million personal recognizance bond. The bond is secured by his residence in Washington state and co-signed by a financially responsible individual, as per the decision of Judge Katherine Polk Failla at the U.S. District Court for the Southern District of New York.
While under house arrest at his Washington home, Storm will undergo regular drug testing and is prohibited from owning firearms or contacting co-defendants, witnesses, or alleged victims. His travel is limited to pre-trial hearings within the central district of California, the southern and eastern districts of New York, and New Jersey.
Storm was apprehended two weeks ago on charges of conspiring to facilitate money laundering, operating an unlicensed money transmission service, and violating sanctions.
Prosecutors allege that Storm, alongside fellow developers and co-founders Roman Semenov and Alexey Pertsev, played a role in helping individuals with malicious intent launder over $1 billion in stolen cryptocurrency, including “hundreds of millions” funneled to North Korea, through their development of Tornado Cash.
Pertsev was arrested in The Netherlands last year and is currently awaiting trial. Semenov was indicted alongside Storm but has not been arrested at the time of this press release. Brian Klein, a partner at Waymaker LLP representing Storm, previously stated that federal officials were using an unconventional legal approach to prosecute someone for their involvement in code development.