The cryptocurrency community has just seen a successful initiative fail. 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 decentralisation, Kevin O’Leary, a.k.a Mr. Wonderful, was really quite happy with the situation.
This year, the crypto-verse saw mainstream popularity. Tornado Cash and similar businesses, however, O’Leary noted in a recent interview, “behaved as a rip-off.” Therefore, the crypto mixing service’s demise was required.
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.”
Tornado Cash’s creator rightly arrested?
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.
O’Leary asserted that the entire situation was a necessary sacrifice while cryptocurrency Twitter appeared to be swelling in support of Pertsev. Regarding the arrest, he continued,
“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 added that the crypto-verse ought to develop into a “rules-based environment.” It will only then attract more institutional funding.