Tornado dev in isolation!

Sudden crypto drop burns traders Market Activity Total Market Cap 1.03 (-7.93%) 24 Hour Volume 86.66B (+41.99%) Notable Movers[(GNO) $182.87]( (+3.96%) Notable Movers (DeFi)[(EPS) $0.185]( (+1.97%) Bitcoin Dominance 39,74%[(-0.34%)]( Bitcoin Price[(BTC) 21,456.27 (-8.21%)]( Ethereum Price[(ETH) $1,701.29 (-8.33%)]( Cardano Price[(ADA) $0,4687 (-12.52%)]( Editor's Note Is Code Law? Or Is Code Criminal Several years ago, the crypto industry was rocked by a hack of The Dao which resulted in a hard fork of Ethereum — some people wanted ETH to return the money, some people insisted that “code is law” and that the hacked money was gone forever. This led to the creation of two crypto that you know today, Ethereum (money is returned, code was changed!) and Ethereum Classic (code is law, money lost is money lost on the blockchain). Now, a different conundrum is coming up with the arrest of a Tornado Cash developer in the Netherlands — sure, code may be law, but is code criminal? According to the Dutch financial authorities, code that is created “for the sole purpose of committing criminal acts” can be punishable by law. So, in Holland, code is criminal. While most of Crypto Twitter is up in arms about the arrest, as many claim (quite rightly) that Tornado Cash was created to be a privacy tool, not a criminal tool, the debate is not quite black and white. Back in 2019, a federal district court in Illinois found a computer programmer “not guilty” in the case of his algorithm being used by an unrelated bad actor to flash crash the U.S. stock market by $1 trillion. In this case, code was not criminal, and the programmer went home free. However, the mere fact that this case made it to court means that programmers’ code might leave them open to prosecution if it's ever used for a nefarious deed in the future, even if that wasn’t their intention in the first place. As a Wired opinion piece by an attorney advisor to the CFTC wrote back in 2019: It wouldn’t take much to place a programmer in jeopardy. You may not have to actually know you’re violating the law to be liable. CMC-Community Spotlight of the Day for Luxury Goods?]( In today’s CMC Community Spotlight, VeChain dives into how their blockchain is being used by a Cambodian alcoholic beverage distributor to track authenticity. Today’s Top Stories Check out [CoinMarketCap Alexandria]( for tech deep dives, analysis, daily news and easy-to-understand guides on how crypto works! [Today’s Top Stories ] bought? Dump it]( If you have been on the “continue the bear market rally” team, you may want to start reconsidering your position. BTC and ETH fell by 7% and 6% in the last 24 hours, which may or may not mark the end of this bear market. As always, macro was the catalyst — St.Louis Fed President Bullard just called for a 75 bps hike in September. Rest assured that you were not alone if you were long, as more than $400 million in leveraged longs got liquidated in the last 24 hours. Russian national gets extradited from the Netherlands, another remains isolated]( Russian devs and Dutch authorities are still on a war footing, as Denis Dubnikov, a Russian national that allegedly laundered ransomware proceeds, was extradited from the Netherlands to the U.S. Dubnikov will stand trial in the state of Oregon. If found guilty, he will face up to 20 years of prison. Meanwhile, arrested Tornado Cash dev Alexey Pertsevisbarred from speaking to his wife, who expressed deep concern over the treatment of her husband in a statement to Cointelegraph. officials request independent examiner in Celsius bankruptcy case]( The Celsius bankruptcy case continues to produce headlines, as the U.S. Trustee Office asked for an independent examiner to look into “financial irregularities.” In an over 250-page long court filing, U.S. officials cited possible "fraud, dishonesty, incompetence, misconduct, mismanagement, or irregularity in the management of the affairs" as further reasons. Independent examiners have also been appointed in the bankruptcy cases of Enron and Lehman Brothers. Thanks for reading! Have a great day — more news tomorrow! [Facebook]( [Twitter]( [Instagram]( [Telegram]( Written by Molly Zuckerman and Connor Sephton Was this email forwarded to you? [Sign up here](. WANT MORE CRYPTO BITES? [Sign up here]( for Daily Newsletters, Promotions and Events and Prices [App Store]( [Google Play]( [ADVERTISE]( | [CAREERS]( | [FAQ]( © 2022 CoinMarketCap [Unsubscribe]( [coinmarketcap.com]( CoinMarketCap OpCo LLC, 8 The Green, STE 6703, Dover, Delaware 19901, United States