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Haseeb Qureshi, co-founder of Dragonfly Capital, stated that the firm is no longer under possible legal threat from the US Department of Justice (DOJ) over its past support of Tornado Cash.
In a July 29 post on X, Qureshi said the DOJ had confirmed in court that media reports suggesting the firm could face charges were incorrect.
He noted that prosecutors confirmed on July 28 that neither Dragonfly nor its team members are part of the current investigation.
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This update came after a federal prosecutor said in court on July 25 that charges against Dragonfly Capital’s Tom Schmidt and others were being considered.
Dragonfly Capital had invested in Tornado Cash’s development team in August 2020. Before investing, Dragonfly hired external legal experts, who confirmed that Tornado Cash appeared to comply with the laws in place at that time.
Roman Storm’s legal team had planned to call Tom Schmidt to testify about the investment and related discussions within Dragonfly.
However, prosecutors declined to offer Schmidt legal protection for his testimony. As a result, he chose not to speak in court by citing his Fifth Amendment rights.
During that same court session, prosecutors made the first public mention that Dragonfly staff could possibly face charges. Qureshi stated that such public speculation is not allowed under DOJ guidelines and was likely intended to discourage Schmidt from testifying.
On July 26, Storm requested another donation to cover his legal expenses. What did he say? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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