Arbitrum Proposal to Support Tornado Cash Removed
An ArbitrumDAO proposal to contribute funds towards the legal defense of Tornado Cash developers has been retracted. The proposal, put forward by Joseph Axisa, aimed to allocate between 200,000 and 600,000 ARB tokens (equivalent to $400,000-$1.2 million) to support the legal defense of Roman Storm and Alexey Pertsev. However, concerns raised by token holders regarding potential legal risks associated with the donation led to the removal of the proposal from the Arbitrum discourse forum.
Arbitrum Contributor Removes Proposal
The author of the proposal, Joseph Axisa, has removed it from the Arbitrum discourse forum following concerns raised by token holders. The proposal outlined plans to contribute funds towards the legal defense of Roman Storm and Alexey Pertsev, who are facing criminal charges related to their involvement in developing Tornado Cash.
The proposal disclosed that between 200,000 and 600,000 ARB tokens would be pledged to support Storm and Pertsev’s legal defense. However, the exact reason for the removal of the proposal and the timeline of events surrounding it remain unclear.
An Arbitrum representative confirmed that the proposal was removed at the author’s request. Under the deleted proposal, the pledged funds were supposed to go to WeWantJusticeDAO’s crowd-funding campaign, which aims to cover Storm and Pertsev’s substantial legal costs. The proposed tokens would have been held on Juicebox, a crypto-focused fundraising platform.
Arbitrum Community Explores Alternative Funding
Despite the removal of the initial proposal, members of ArbitrumDAO are actively exploring alternative avenues to finance the legal defense of Tornado Cash developers. One potential option under discussion is directing funds to Coin Center, a prominent non-profit organization dedicated to cryptocurrency policy advocacy.
Additionally, a revised version of the proposal is expected to be presented on ArbitrumDAO’s forum in the coming week. The decentralized finance (DeFi) community has shown significant support for the developers since their arrests, as DeFi aligns closely with the principles of financial autonomy and innovation championed by Tornado Cash and its creators.
Hot Take: Legal Defense Funding for Tornado Cash Developers Faces Hurdles
The proposal to allocate funds towards the legal defense of Tornado Cash developers has faced setbacks due to concerns over potential legal risks. While the initial proposal was retracted, the Arbitrum community continues to explore alternative funding options.
It remains to be seen whether directing funds to Coin Center or presenting a revised version of the proposal will provide a viable solution. However, the support shown by the DeFi community indicates a strong commitment to supporting developers facing legal challenges within the crypto space.
The outcome of these efforts will not only impact Storm and Pertsev’s legal defense but also set a precedent for how the crypto community rallies around its members in times of need. As the industry continues to grow and face regulatory challenges, finding ways to support developers and protect their interests will become increasingly important.
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