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.

hell yeah im bringing the world onchain…on to a chain nobody uses so i can use them as exit liquidity and rug them while coining that 🤪 can i get a wagmi in the chat?! 🤩🥳🤣

I’m excited to share that I’ve joined the team at @HaunVentures, helping drive investments into world class crypto founders building the future. I met the team at Haun several months ago, and was immediately impressed by both their taste and their seriousness—every single person on the team is simply a weapon. Having been a builder in crypto and now an investor for almost 10 years now, it was honestly refreshing to find a group so focused on backing founders building great businesses, not just chasing hype. Crypto is now going mainstream. We’ve discussed crypto crossing the chasm for so many years that I started to think the other side was a mirage, and that we were simply stuck building in the lurch forever. Yet somehow… the institutions aren’t just “coming”, they’re actually here. We think the calibre of talent and bar for quality in crypto is rising faster than ever before: in every market, at every layer of the stack. Old metas are dying, but in their place we are developing new ways to create distributed economies that challenge legacy institutions and business models. Crypto is eating the world and I’m excited to be on the front lines investing in a generation of founders that understand how to leverage crypto primitives to create a massive impact on Earth. At Haun we make concentrated bets on founders we believe are building something huge. If you think that’s you, hit me up :)

guys, is he into me?

i lowkey believe in this now

have been heavily DDing people who we are interviewing for our upcoming documentary and honestly i am both thankful and also so preoccupied by people’s digital footprint and how much more intentional they should be to have a single source of truth for it even ai gets a lot wrong

someone is CTOing an old coin i launched and now the IRS is coming for me

doing some last minute QA for @movementlabsxyz explorer on @SearchOnDora what NFTs and coins should we buy?

my favourite unreliable narrator @quasimatt