Tornado Cash developer found guilty on 1 count in partial verdict

After four days of deliberation, the jury found Roman Storm guilty on Wednesday of one federal count

article-image

Art by Crystal Le

share

The jury in cryptocurrency mixer Tornado Cash developer Roman Storm’s criminal trial handed down a partial verdict Wednesday afternoon after four days of deliberation. 

Storm was found guilty of conspiracy to operate an unlicensed money transmitter business. The jury was unable to reach a unanimous decision on the two other counts: conspiracy to commit money laundering and conspiracy to violate the IEEPA. 

The jury deliberated for four days before coming to a decision on one of the counts. The government could opt to retry Storm on counts one and three. 

The prosecution asked that Storm be remanded into custody, citing Storm’s “means” and ties to Russia, where he was born. The judge sided with the defense, determining Storm was not a flight risk and may remain out on bond. 

The criminal trial, which spanned about three weeks, concluded last week with lengthy summation arguments from both the prosecution and defense. Storm did not testify during the trial. 

Storm and co-developer Roman Semenov were charged in 2023 with three federal counts. Semenov has not faced trial and is currently wanted by the Federal Bureau of Investigations. 

Throughout the trial, the government maintained that Storm, motivated by greed, intentionally helped illicit actors conceal funds through Tornado Cash. 

“Tornado Cash made dirty money clean money, and made it impossible to tell the difference,” government attorney Benjamin Gianforti told the jury during his closing statement last week. 

Storm’s team never denied that criminals used Tornado Cash, but they insisted that Storm had no criminal intent. Tornado Cash was created as a privacy tool for users who didn’t want their financial transactions made public, defense attorney Keri Axel said during opening statements. 

Storm’s team did not immediately respond to Blockworks’ request for comment. 

This is a developing story.

Correction note: Updated 8/6/2025 at 1:10 p.m. ET to reflect the jury decision on count 3. A previous version of this story incorrectly stated that Roman Storm was acquitted on count 3, conspiracy to violate the IEEPA. The jury was unable to reach a unanimous decision on this count.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (8).png

Research

Kinetiq has established itself as Hyperliquid's dominant liquid staking protocol, holding 82.5% of LST market share with $610M in TVL. The protocol is now expanding beyond its kHYPE staking core into higher take-rate verticals: iHYPE for institutional custody rails, Launch for HIP-3 capital formation, and Markets for builder-deployed perpetuals. We view Markets, launching Jan. 12, as the highest-potential product line given its mechanically scalable, activity-linked unit economics. Near-term revenue remains anchored by kHYPE's KIP-2 fee schedule (~$1.6M annualized), while Markets provides embedded optionality if HIP-3 economics normalize post-Growth Mode. KNTQ's setup is relatively clean: zero insider unlocks until November 2026, 6.2% buyback yield from staking revenue, and cleared airdrop overhang. Risks center on unproven Markets execution, declining kHYPE TVL despite ongoing incentives, and competition from Hyperliquid's native initiatives.

article-image

BTC finished the week up 1.6%, while L2s, RWAs and the treasury trade continued to grind lower

article-image

DTCC moves DTC-custodied Treasuries onchain via Canton, while Lighter’s LIT launches trading at a fees multiple in Hyperliquid territory

article-image

In the 90s, rapt audiences worldwide watched a coffee pot — will that fascination ever turn to crypto?

article-image

Some systems improve by failing — and crypto has no choice

article-image

Yield Basis introduces an IL-free AMM design that already dominates BTC DEX liquidity

article-image

Maybe tokenholders don’t need the rights that corporate shareholders have come to expect

Newsletter

The Breakdown

Decoding crypto and the markets. Daily, with Byron Gilliam.

Blockworks Research

Unlock crypto's most powerful research platform.

Our research packs a punch and gives you actionable takeaways for each topic.

SubscribeGet in touch

Blockworks Inc.

133 W 19th St., New York, NY 10011

Blockworks Network

NewsPodcastsNewslettersEventsRoundtablesAnalytics