Dragonfly invested into PepperSec, Inc., the developers of Tornado Cash, in August of 2020. We made this investment because we believe in the importance of open-source privacy-preserving technology. Prior to our investment, we obtained an outside legal opinion that confirmed that Tornado Cash as built complied with the law, under the guidance given by FinCEN in 2019. The government has now stated in open court that they are contemplating charges against Dragonfly for having invested into the Tornado Cash team in 2020. On counsel’s advice, we have refrained from public comment. But we can no longer remain silent. We believe deeply in Americans’ right to privacy, and the lack of it remains one of crypto’s largest unsolved problems. We therefore stand by our investment. We did not operate or exercise any control over Tornado Cash, we had no contact with any malicious users, we always encouraged our portfolio companies to follow the law, and we maintain that Tornado Cash itself has a lawful right to exist—a view reinforced by Van Loon v. Department of the Treasury and OFAC’s subsequent rescission of sanctions. Charging a venture firm for a portfolio company’s alleged misconduct would be unprecedented, especially under these circumstances. In 2023 we received a DOJ subpoena and have fully cooperated with the government’s investigation of Tornado Cash, confident that we have always complied with the law. The DOJ has made clear that we are not ourselves a target of their investigation. As with every investment, we provided PepperSec the same advice and support we offer all portfolio companies. We believe the government’s statement in court today was primarily to undermine a defense of Tornado Cash—to make it more difficult for the defense to call Tom to testify on the stand. After all of this time—years later—bringing charges against Dragonfly would be outrageous, contrary to the facts and the law, and would induce a chilling effect onto all investment into crypto and privacy-preserving technologies in America. We don’t believe the DOJ would actually bring such absurd and groundless charges. But if they do, we intend to vigorously defend ourselves.

📉 $PUMP tanked after its ICO. But @YanLiberman thinks the selloff doesn’t match the facts. Is this the kind of mismatch where real opportunity hides? 👇

Pump's ICO was supposed to be a breakout moment. Instead? The price has tanked, and sentiment has soured. On @unchained_pod with @Delphi_Digital’s @simononchain, @YanLiberman & Jason Pagoulatos (@3xliquidated): 💸 why the selloff may be overblown 📉 whether the team can regain momentum ⚖️ the decentralization debate post-ICO 💥 and if the token still has upside potential Timestamps: 🎬 0:00 Intro 💥 2:53 How Pump’s months-long hype set the stage, and why it may have backfired 🔓 11:07 Whether the lack of investor lockups hurt confidence in the token 😬 17:13 Why Jason found @a1lon9's post-ICO interview with @notthreadguy underwhelming 📉 22:52 Why Yan still sees strong risk-reward in $PUMP despite the crash 🔥 24:29 What Pumpfun can do now to reignite interest and rebuild momentum 💸 34:19 Whether buybacks or business reinvestment is the better path forward 📱 36:37 How realistic the “everything app” vision is, and whether M&As can save it 🌍 47:16 What strategies could finally bring normies onchain 🧵 53:22 Whether the PUMP launch proves that decentralization is dead Thank you to our sponsors! @xapobankapp @askFocal by @FalconXGlobal

After 20 years at BlackRock and helping to lead its digital asset strategy, I’m beginning a new chapter: I’ve joined @SharpLinkGaming as Co-CEO. Here’s why. At BlackRock, I helped launch: - IBIT — world’s largest Bitcoin ETP - ETHA — world’s largest Ethereum ETP - BUIDL — world’s largest tokenized fund (built on Ethereum) We didn’t just talk about digital assets, we bridged TradFi and crypto. Now, I’m joining @SharpLinkGaming, a company led by @ethereumJoseph and built on a clear belief: That Ethereum is becoming the foundation of global finance. And I couldn’t agree more. Stablecoins, tokenized assets, AI agents, are all moving onchain. And it’s happening on Ethereum. That’s where the future is being built. SharpLink is already one of the largest corporate holders of $ETH. Our goal is not just to hold $ETH, but to activate it, using native staking, restaking, and Ethereum-based yield strategies. All to increase the value of our treasury and create long-term shareholder value. We’re building a bridge between institutional capital and Ethereum-native yield, packaged in a single public equity. The asset is $ETH, the ticker is $SBET.

Seems as though the DAT phenomenon is quite divisive, wanted to share some thoughts on why we thought this was a worthwhile pursuit:

Omg, all the posts about this scene are cracking me up 🤣

🚨JUST IN: IRS Special Agent George, tasked with tracing the Government's first witness' funds to Tornado Cash, testifies that he does not know what crypto[.]com is, doesn't know the difference between ERC-20 and ETH

1/ We’re excited to announce that Seekers start shipping on August 4th, 2025. But that’s not all... Today, we’re revealing the evolution of web3 mobile, and the next phase for Solana Mobile 🧵👇