KaJ Labs, a Seattle-based startup, is offering to fund the legal defense of Tornado Cash developer Alexey Pertsev

Seattle, Washington – (Newsfile Corp. – September 19, 2022) – KaJ Laboratories is a strong believer in cryptocurrency, fairness and justice. To that end, the creators and builders of Lithosphere have expressed their willingness to support the legal defense fund of Tornado Cash developer Alexey Pertsev. The announcement came after the US Treasury’s Office of Foreign Assets Control (OFAC) issued sanctions on crypto-mixing platform Tornado Cash.

This is the first such sanction by OFAC of an open source code platform operating without guidelines by a company or other entity. The action was criticized by several cryptocurrency companies.

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Lithosphere (LITHO)

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The Treasury further alleges that Tornado Cash has laundered more than $7 billion in digital currency since its launch in 2019, as well as $485 million stolen by hackers from the North Korean state-sponsored Lazarus Group. The United States also claims that Tornado Cash laundered more than $100 million stolen in 2022 in two burglaries – one at Harmony Bridge and the other at Nomad.

The offer of Lithosphere creator KaJ Labs is significant. The company supports sanctions against bad actors. However, the penalties imposed on Tornado Cash encompass an entire cryptocurrency platform and keep digital funds out of the reach of innocent holders.

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About KaJ Labs

KaJ Labs is a decentralized research organization focused on AI and blockchain technology. We are committed to creating innovative products that work for the greater good around the world.

About the lithosphere

Lithosphere is the next-generation network for cross-chain applications powered by AI and Deep Learning.

Media inquiries

Catherine Sander
Phone: (707)-622-6168
E-mail: [email protected]

KaJ Labs Foundation
4730 University Way NE 104-#175
Seattle, WA 98105
Website: https://kajlabs.org
Website: https://lithosphere.network

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/137632

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