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.

$BTC We got a mini altseason while BTC was chopping, and eventually... I got my range lows long Going on vacation tonight with no internet for 10 days, I might have to keep a trailing stop and set more stink bids in the "must defend" area, I don't know yet

@maruushae check xmr i know you like it

#000001 #SSE #399001 #SZSE It's time for Chinese stocks

Nice pfp! If you're thinking about getting a Pudgy tattoo, please give us a heads-up!

$ETH So far so good :)

$ETH You wanna see this area defended, failure to do so and we may teleport to 3380 Until then a bit late to start being bearish on lower timeframes.

i don't listen much house music but this is my favorite house track ever @therealsebleger #HouseOfTheDragon

$TOTAL2 Squiggly line completed, time for vacation 🫡