<h2>Dutch Court Suspends Pretrial Detention for Pertsev</h2><a href="https://coin360.com/coin/tornado-cash-torn">Tornado Cash</a> developer Alexey Pertsev is set to walk free—though under strict conditions—after spending over a year in a Dutch prison. A court in the Netherlands has ruled to suspend his pretrial detention, allowing him to continue his legal battle against a five-year sentence for money laundering. The decision grants the Russian software developer temporary relief, but it comes with an electronic monitoring requirement.Pertsev, who played a key role in developing the sanctioned crypto-mixing service Tornado Cash, announced his release on social media, stating he would be freed on February 7 at 10 a.m. “It is not real freedom, but it is better than prison,” he wrote, acknowledging the limitations of his conditional release.&nbsp;<figure class="image"><img alt="tweet-1887523522488283488_11zon.jpg" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/tweet_1887523522488283488_11zon_b383d6aaa7.jpg"></figure>His arrest in August 2022 by Dutch authorities was linked to accusations that Tornado Cash had facilitated the laundering of illicit funds, including those tied to cybercriminals and state-sponsored hacking groups.The news of his release initially sparked a surge in the price of Tornado Cash’s governance token,&nbsp;<a href="https://coin360.com/coin/tornado-cash-torn">TORN</a>, which jumped by 16% before retreating to $12.8. The case continues to fuel debate over the legal responsibilities of crypto developers and the broader implications for privacy-enhancing technologies in the digital asset space.<figure class="image"><img alt="chart (1)_11zon.jpg" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/chart_1_11zon_a4f417b4d5.jpg"></figure>In May 2023, a Dutch court sentenced Pertsev to five years and four months in prison for allegedly laundering over $2 billion through the privacy-focused protocol. The conviction was seen as a landmark case, testing the extent to which software developers could be held accountable for how their open-source projects are used. Pertsev maintains his innocence and has appealed the ruling, arguing that he did not personally engage in laundering activities but merely contributed to the development of a decentralized tool.His conditional release marks a pivotal moment in his legal battle, offering him the ability to work on his appeal while outside of prison. Expressing gratitude to his supporters, he vowed to continue fighting for justice.&nbsp;This article has been refined and enhanced by ChatGPT.

Charcoal-drawn robot in a courtroom, surrounded by shadowy figures

Charcoal-drawn robot in a courtroom, surrounded by shadowy figures_11zon.webp

Tornado Cash Developer Alexey Pertsev Granted Conditional Release Amid Appeal

<h2>Wild Gains and Quick Exits Define Portnoy’s Entry Into Solana Trading</h2>Dave Portnoy, the outspoken founder of Barstool Sports, jumped headfirst into meme coin trading on February 7, 2025, turning a casual experiment into a financial whirlwind. His debut came with a tweet showing a screenshot of his&nbsp;<a href="https://coin360.com/review/phantom">Phantom</a>&nbsp;<a href="https://coin360.com/glossary/crypto-wallets">wallet</a>, revealing a hefty 2.68 million MONTOYA tokens.&nbsp;The token, inspired by the viral phrase “Montoya, por favor” from a Spanish reality TV show, saw an immediate price surge after his announcement. Portnoy, never one to downplay excitement, declared: "Uh oh. Davey learned how to trade shitcoins and is already up a billion percent on my first one!!!!!!" Within moments, the crypto community identified his&nbsp;<a href="https://coin360.com/coin/solana-sol">Solana</a> wallet&nbsp;<a href="https://solscan.io/account/5rkPDK4JnVAumgzeV2Zu8vjggMTtHdDtrsd5o9dhGZHD#defiactivities">address</a>, confirming his holdings.The market responded with a frenzy. MONTOYA’s&nbsp;<a href="https://coin360.com/glossary/market-capitalization">market capitalization</a> skyrocketed from $2.8 million to over $10 million in minutes, fueled by Portnoy’s tweet and the ensuing hype. Just as quickly as he entered, he exited. He&nbsp;<a href="https://solscan.io/tx/v7pXsATesUe3svS8zyjRMfvEDnL2JeDwMDzUonAkVeMYsjcv6BBj63a22bhhsWcSZ2THkE2pSDQv4gohYU2wLrW">liquidated</a> his entire MONTOYA position in a single transaction, securing nearly 118&nbsp;<a href="https://coin360.com/coin/solana-sol">SOL</a>—valued at around $24,000.&nbsp;Shocked by how swiftly he made money, Portnoy&nbsp;<a href="https://x.com/stoolpresidente/status/1887936281058947391">tweeted</a>: "Holy shit. I have way too much power. I made 25K by accident. This is just straight gambling." His acknowledgment of the direct impact his tweet had on the token’s value raised eyebrows, as the crypto community debated whether it was mere speculation or a clear example of market manipulation.&nbsp;<figure class="image"><img alt="tweet_1887936281058947391_20250208_190242_via_10015_io_11zon.jpg" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/tweet_1887936281058947391_20250208_190242_via_10015_io_11zon_3a76c24d3c.jpg"></figure>Portnoy, however, saw it as transparency in action. After a Barstool Sports employee warned him about exposing his wallet address, he dismissed concerns, stating: "I want people to know what I’m doing. I’m not trying to be shady. That’s why I like it. People can see my every move."<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/tweet_1887940615159300196_20250208_190120_via_10015_io_11zon_4ef603d507.jpg" alt="tweet_1887940615159300196_20250208_190120_via_10015_io_11zon.jpg"></figure>Portnoy’s rapid-fire trading spree didn’t stop there. Within an hour of dumping MONTOYA, he reinvested 152 SOL into a new meme coin, MVP, created in honor of Buffalo Bills quarterback Josh Allen winning the league’s MVP award. His entry triggered another speculative wave, and in less than ten minutes, he cashed out in two transactions, walking away with over $77,000—netting a profit of nearly $48,000.&nbsp;Ecstatic about the gains, he&nbsp;<a href="https://x.com/stoolpresidente/status/1887960660820042168">compared</a> the experience to gambling: "I’m out. I’ve turned 10K into 75K on shitcoins today. It’s like playing the rocket game on DraftKings. I love it!!" His transparent trading activity turned his wallet into a public spectacle, leading Solana users to flood him with meme tokens, many referencing Barstool Sports or his personal life.<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/tweet_1887960660820042168_20250208_190348_via_10015_io_11zon_4145f2e80f.jpg" alt="tweet_1887960660820042168_20250208_190348_via_10015_io_11zon.jpg"></figure>This wasn’t Portnoy’s first rodeo in the crypto world. Back in August 2020, he revealed he had invested at least $1 million in&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a>, only to sell within two weeks and later admit: "I fucked up with Bitcoin." More recently, speculation swirled about his plans to launch his own token after the success of Trump’s&nbsp;<a href="https://coin360.com/coin/official-trump-trump">TRUMP</a> meme coin.&nbsp;Crypto influencer Nick O’Neill&nbsp;<a href="https://x.com/chooserich/status/1887901772443770930">claimed</a> Portnoy was working with the Solana-based protocol Meteora to create a token, but Portnoy shot down the rumors. When O’Neill hinted at revealing more details, Portnoy dared him: "Run it."<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/tweet_1887901772443770930_20250208_190519_via_10015_io_11zon_4023d11e93.jpg" alt="tweet_1887901772443770930_20250208_190519_via_10015_io_11zon.jpg"></figure>As his meme coin trading spree gained attention, Portnoy openly questioned the legal ramifications of his actions. In a video reflecting on his first day of trading, he&nbsp;<a href="https://twitter.com/stoolpresidente/status/1887963615161905566">asked</a>: "Do you go to jail for this? Can I not do this? I think it's legal." His uncertainty highlighted the ongoing debate surrounding influencer-driven market movements, regulatory oversight, and ethical concerns in the crypto space.&nbsp;Whether his foray into meme coins continues or ends as another fleeting experiment, his impact on the market was undeniable—both as a trader and as a spectacle in the ever-chaotic world of crypto speculation.This article has been refined and enhanced by ChatGPT.

Cubic robot trading meme coins in a vintage sci-fi control room

Cubic robot trading meme coins in a vintage sci-fi control room_11zon.webp

Dave Portnoy’s Meme Coin Frenzy: A High-Stakes Crypto Gamble

<h2>Ondo Finance Expands Institutional-Grade RWA Infrastructure in Cosmos</h2>The&nbsp;<a href="https://coin360.com/coin/cosmos-atom">Cosmos</a> ecosystem is emerging as a major hub for&nbsp;<a href="https://coin360.com/glossary/rwa-crypto-assets">Real-World Assets</a> (RWAs) with&nbsp;<a href="https://coin360.com/coin/ondo-ondo">Ondo</a> Finance's&nbsp;<a href="https://coin360.com/news/ondo-finance-onchain-securities">latest move</a> to launch a dedicated&nbsp;<a href="https://coin360.com/glossary/layer-1">Layer 1</a> blockchain, Ondo Chain. Designed to cater specifically to institutional-grade RWAs, Ondo Chain was officially&nbsp;<a href="https://x.com/OndoFinance/status/1887597171895054421">announced</a> at the Ondo Summit in New York, where Donald Trump Jr. made an unexpected appearance as the event’s closing speaker. The Ondo Finance team reinforced optimism about the future of RWAs in the U.S., suggesting that regulatory shifts could position the country as a global leader in crypto adoption.According to Ondo Finance’s&nbsp;<a href="https://blog.ondo.finance/introducing-ondo-chain/">blog</a>, Ondo Chain is built as an omnichain network featuring verified collateral and native margin capabilities, enabling seamless integration of RWAs into blockchain finance. The firm has already made significant strides in the Cosmos ecosystem, having partnered with digital asset issuer Noble to bring tokenized U.S. Treasuries to the platform. This integration has helped drive adoption of Ondo’s U.S.-backed financial products across more than 90 blockchains, highlighting the growing relevance of Cosmos in the broader RWA landscape.One of the standout developments from Ondo’s expansion is the introduction of&nbsp;<a href="https://coin360.com/coin/ondo-u-s-dollar-yield-usdy">USDY</a>, a yield-bearing stablecoin native to the Cosmos ecosystem. The launch of USDY further solidifies Cosmos’ position as a leading blockchain network for institutional-grade RWA solutions, a sector that now boasts a&nbsp;<a href="https://coin360.com/glossary/market-capitalization">market capitalization</a> exceeding $35 billion. Barry Plunkett, co-CEO of Interchain Labs, emphasized this growing momentum, stating that Cosmos is fast becoming the top blockchain destination for RWAs due to its scalability and institutional appeal.Another key player embracing RWAs within Cosmos is&nbsp;<a href="https://coin360.com/coin/mantra-dao-om">Mantra</a>, a blockchain infrastructure provider that continues to gain traction despite recent turbulence in the crypto markets. Following President Donald Trump’s tariff orders, which triggered $2 billion in liquidations, Mantra’s&nbsp;<a href="https://coin360.com/coin/mantra-dao-om">OM</a> token has defied broader market trends, surging more than 68% in the last two weeks. The sharp rise underscores increasing institutional interest in RWA-based blockchain solutions.Mantra’s co-founder and CEO, JP Mullin, noted that institutional participation in RWAs is evolving rapidly, with deal sizes expanding and credibility within the sector reaching new heights. As Ondo Finance, Noble, and Mantra push forward with RWA initiatives, the Cosmos ecosystem is positioning itself as a critical infrastructure for the next wave of blockchain-based real-world asset adoption.This article has been refined and enhanced by ChatGPT.

Clay-sculpting robot molds futuristic financial temple from blockchain assets

Clay-sculpting robot molds futuristic financial temple from blockchain assets_11zon.webp

Cosmos Becomes a Powerhouse for Tokenized Assets as Ondo Unveils New Blockchain

<h2>Small Claim Creditors Start Receiving Payments</h2><a href="https://coin360.com/coin/ftx-token-ftt">FTX</a> has begun distributing repayments to creditors, prioritizing those with claims under $50,000 in an effort to expedite relief for smaller claimants. Affected creditors have been notified via email about their allocated funds as the exchange moves forward with its payout process.&nbsp;<div class="raw-html-embed"><blockquote class="twitter-tweet">FTX Claims FTX are notifying claims &lt;$50k via email - Onboard with Distribution Service provider - Creditors forego right to receive distributions directly from FTX - Creditors directed distributors to pay their distribution - FTX has credited the Distribution Service… <a href="https://t.co/y8RLuvXD8v">pic.twitter.com/y8RLuvXD8v</a>— Sunil (FTX Creditor Champion) (@sunil_trades) <a href="https://twitter.com/sunil_trades/status/1888127969681461662?ref_src=twsrc%5Etfw">February 8, 2025</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>Instead of handling payments directly, FTX has partnered with BitGo and&nbsp;<a href="https://coin360.com/exchange/kraken">Kraken</a> to facilitate secure and efficient distributions. Funds are being transferred to these third-party service providers, ensuring a structured process that removes direct involvement from the defunct exchange.&nbsp;However, creditors who have yet to onboard with BitGo or Kraken are being urged to complete the necessary steps immediately to prevent additional delays in receiving their payments.Despite progress, a significant roadblock remains. Approximately $345 million in claims remain unverified due to creditors failing to complete Know Your Customer (KYC) verification. FTX has emphasized that KYC compliance is mandatory for all creditors before funds can be released, citing regulatory requirements and fraud prevention measures as key reasons for the strict policy.&nbsp;Until the outstanding verifications are completed, these funds will remain inaccessible, prolonging the wait for many affected creditors. The exchange continues to push for swift KYC compliance, stressing that those who fail to meet the requirements risk missing out on their payouts.With the&nbsp;<a href="https://coin360.com/news/ftx-creditors-bahamas-repayment">repayment process</a> officially underway, FTX’s decision to prioritize smaller claims aims to provide immediate relief to creditors facing financial uncertainty. However, the lingering verification issues mean that a significant portion of claims remains in limbo. As third-party facilitators manage the disbursement process, the urgency for creditors to finalize their KYC procedures grows, marking another hurdle in the long and complex road to recovery.This article has been refined and enhanced by ChatGPT.

Sketch-style robot unlocking crypto vault after KYC verification delay

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FTX Kicks Off Creditor Payouts, But KYC Issues Delay $345M in Claims

<h2>Judge Rules Against Coinbase in Investor Lawsuit</h2><a href="https://coin360.com/review/coinbase">Coinbase</a> is now required to face an&nbsp;<a href="https://www.reuters.com/legal/coinbase-must-face-customer-lawsuit-new-york-2025-02-07/">investor lawsuit</a> in New York after U.S. District Judge Paul Engelmayer rejected its argument that it is not a "statutory seller" under federal law.&nbsp;The ruling, issued on February 7, 2025, stems from a case filed by Louis Oberlander, Henry Rodriguez, and Christopher Underwood in March 2022, alleging that Coinbase sold unregistered securities. The lawsuit, which was initially dismissed in February 2023, was revived by the Circuit Court of Appeals and focuses on the sale of 79 cryptocurrencies that plaintiffs claim were offered illegally.The court determined that Coinbase operates as a direct seller rather than a neutral platform, emphasizing that users transact solely with the exchange itself. Coinbase argued that its bid-ask system is blind, automatically matching buyers and sellers without direct involvement.&nbsp;However, the court dismissed this claim, siding with the plaintiffs. Following the decision, Coinbase released a statement reiterating its stance that it does not sell securities, highlighting that the ruling had "narrowed the scope of discovery" in the case while expressing confidence in defending itself in district court.The lawsuit is one of several legal battles Coinbase is currently facing, including an ongoing case brought by the U.S. Securities and Exchange Commission (SEC) in June 2023. The SEC alleges that Coinbase operates as an unregistered securities exchange, broker, and clearing agency. In response, Coinbase has argued that cryptocurrency transactions are asset sales rather than securities trades.&nbsp;A key point of contention in the SEC case is whether an investment contract requires a formal agreement, with Coinbase maintaining that the absence of explicit contracts weakens the SEC’s claims. In January 2024, the exchange urged a U.S. appeals court to rule that crypto transactions should not be classified as securities.Coinbase has also taken a more aggressive stance against regulators, filing lawsuits against both the SEC and the Federal Deposit Insurance Corporation (FDIC). The exchange accuses these agencies of attempting to isolate crypto firms from essential banking services and of failing to comply with Freedom of Information Act (FOIA) requests. The lawsuit claims that regulatory bodies are unfairly restricting access to traditional financial infrastructure, hampering the industry's growth.Despite mounting legal challenges, Coinbase has quietly established itself as a financial powerhouse, surpassing most U.S. banks with approximately&nbsp;<a href="https://x.com/brian_armstrong/status/1887705506745299104">$420 billion</a> in assets under custody. CEO Brian Armstrong has positioned the exchange as a bridge between traditional finance and cryptocurrency, envisioning a future where the two systems merge. The company has expanded beyond trading, integrating financial services such as lending and payment solutions, signaling a shift toward a more bank-like model.<figure class="image"><img alt="coinbase ceo tweet_11zon.jpg" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/coinbase_ceo_tweet_11zon_11f8714451.jpg"><figcaption>Source: X</figcaption></figure>Coinbase’s influence in the financial sector is growing rapidly, with strategic moves such as a partnership with&nbsp;<a href="https://coin360.com/coin/tether-usdt">Tether</a> to facilitate stablecoin transactions in UAE real estate and an active push for crypto regulation in Nigeria. The company remains the largest U.S. crypto exchange and the primary custodian for U.S. spot&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> ETFs, further solidifying its dominance. Coinbase has also expanded its&nbsp;<a href="https://coin360.com/glossary/web3-companies-projects">Web3</a> presence with the acquisition of Spindl, an&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ethereum</a> layer-2 project aimed at boosting on-chain advertising and infrastructure capabilities.As its financial footprint expands, Coinbase has also gained political relevance. Armstrong recently revealed that discussions at the World Economic Forum (WEF) in Davos were heavily focused on former President Donald Trump’s potential influence on crypto regulation.&nbsp;Trump has pledged to position the U.S. as a global leader in both artificial intelligence and cryptocurrency, fueling speculation about the creation of a Strategic Bitcoin Reserve under his administration. This intersection of regulatory uncertainty, institutional adoption, and political developments continues to shape the future of Coinbase and the broader cryptocurrency market.This article has been refined and enhanced by ChatGPT.

Crypto robot in swirling courtroom with digital tokens and law books

Cosmos Becomes a Powerhouse for Tokenized Assets as Ondo Unveils New Blockchain

Ondo Finance Expands Institutional-Grade RWA Infrastructure in Cosmos

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Tornado Cash Developer Alexey Pertsev Granted Conditional Release Amid Appeal

Dave Portnoy’s Meme Coin Frenzy: A High-Stakes Crypto Gamble

Cosmos Becomes a Powerhouse for Tokenized Assets as Ondo Unveils New Blockchain

FTX Kicks Off Creditor Payouts, But KYC Issues Delay $345M in Claims

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