The Ethereum
Wei Wang, co-executive director of the foundation, stated in an August 7 post on X, “Privacy is normal, and writing code is not a crime”. The pledge follows earlier donations that have already helped raise more than $2 million for Storm’s defense.
Storm’s supporters, including the group Free Pertsev & Storm, warned that Storm could face up to five years in prison if his appeal fails, and much longer if the government moves forward with the other two charges.
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In July, Storm said his legal expenses were growing and asked for an extra $1.5 million. He explained that his legal team had been working long hours throughout the three-week trial, which added to the pressure.
The Ethereum Foundation’s commitment comes after a New York jury found Storm guilty of running an unlicensed money transfer service. The jury could not agree on two other charges, money laundering and sanctions violations, which prosecutors could still retry.
Lawyer Jake Chervinsky described the verdict as “a sad day for DeFi”. He argued that the law used in the case should not apply to someone who does not control user funds.
Changpeng Zhao, the former CEO of Binance
$12.23B
, recently asked a US bankruptcy court to reject a $1.8 billion lawsuit brought by the crypto exchange FTX. Why? Read the full story.
