Blockchain accelerator Techstars terminated its partnership with Steven Nerayoff's Alchemist because Nerayoff was arrested last month for allegedly tens of millions of dollars in cryptocurrency extortion. Techstars said on Monday that the move was "necessary" given several issues surrounding the feasibility of cooperation between the two parties. It is reported that Steven Nerayoff is a technology entrepreneur who has participated in Ethereum, CasperLabs, tZero and other cryptocurrency projects. Through his company Alchemist, he partnered with Techstars in 2018 to help blockchain entrepreneurs. Nerayoff is also the co-head of an accelerator project in New York City. Nerayoff was arrested last month by the US authorities for extortion. He is said to have threatened to destroy a Seattle-based encryption startup. If convicted, he will face up to 20 years in prison.