According to recent reports, Tornado Cash developer Alexey Pertsev is set to be released from jail by authorities and will be kept under house arrest with an ankle monitor and surveillance from next week, following a Dutch court ruling.
Pertsev had been detained by Netherlands authorities in August after the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) imposed sanctions on the crypto mixing service. While no formal charges have been presented against him, a panel of Dutch judges had denied bail earlier due to flight risk.
Following the news of Pertsev’s imminent release, Tornado Cash’s token price, TORN, has skyrocketed by over 20% in the last 24 hours and is currently trading at $9.92. The trading volume has also seen a significant increase of 309%, indicating a growing interest among traders.
As per investor sentiment, TORN’s price could surge to $20 if Pertsev is released, and it could rally over $50 if exchanges like Coinbase list it. Coinbase has shown full support for Pertsev. The next hearing, in this case, is scheduled for May 24, where Pertsev’s lawyer plans to challenge the allegations made by prosecutors.