GoFundMe Takes Down Tornado Cash Fundraiser: What You Need to Know 🌪️💸

The well-known crowdfunding platform GoFundMe has taken down the fundraiser for legal assistance of Tornado Cash's co-founder and developer due to a violation.

Last updated: February 16, 2024 10:45 EST | 2 min read
Source: Dalle-3

GoFundMe removes Tornado Cash legal crowdfunding campaign – details here

Popular crowdfunding network GoFundMe has recently caused a stir by pulling down the legal aid fundraiser for Tornado Cash co-founder and developer, Alexey Pertsev, and Roman Storm. This decision has drawn criticism and raised questions about the platform’s actions. In this article, we’ll dive into what happened, explore the implications, and discuss the broader context of centralized fundraising and the role of cryptocurrencies.

GoFundMe Shuts Down Campaign Due to Rule Breach 🚫

The campaign, aimed at raising funds for the legal defense of Pertsev and Storm, was abruptly shut down by GoFundMe on February 14. The platform stated that the campaign violated Term 22, which prohibits any activity that GoFundMe deems objectionable, restricts usage, or exposes the platform, users, or employees to liability. However, the precise nature of the breach was not disclosed, leaving some backers and crypto enthusiasts scratching their heads.

Crypto Users Disappointed and Critical 🔒👥

Upon learning of the campaign’s cancellation, users took to social media to express their dissatisfaction with GoFundMe’s decision. The X campaign account for Pertsev and Storm stated that Term 22 could be interpreted as a vague reason for simply not liking the fundraiser. This lack of transparency and the potential for centralized platforms to exert control over donations raised concerns among the crypto community. Many advocates of decentralization expressed a desire for more alternative, censorship-resistant options.

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Alternative Crowdfunding Options 🌐💰

Despite the setback, Ryan Adams, an investor in Bankless Ventures, assured the community that alternative methods to donate to the Tornado Cash legal defense campaign were available. Adams disclosed the team’s decision to resend the $10,000 previously donated, emphasizing the power of an uncensorable money system to support civil liberties.

One of the platforms now hosting the campaign is JuiceBox, a digital asset crowdfunding platform that allows individuals to contribute to various causes using cryptocurrencies. The shift to these alternative crowdfunding options highlights the growing need for decentralized solutions that protect the freedom of speech and the right to a fair trial.

Tornado Cash Caught in a Regulatory Web ⚖️🕸️

The events surrounding the Tornado Cash legal aid fundraiser are part of a larger regulatory battle. The United States Department of Justice (DOJ) has filed charges against Storm, accusing him of facilitating money laundering. Additionally, the Securities and Exchange Commission (SEC) alleges that Tornado Cash aided the infamous Lazarus Group in bypassing U.S. sanctions. Pertsev was arrested in the Netherlands and is currently awaiting trial on money laundering charges.

In a video posted on X, Storm appealed to the crypto community for support in funding his legal fees against the DOJ. The campaign aimed to raise $1.5 million but only managed to collect $30,000 before GoFundMe’s intervention. Now, with the use of platforms like JuiceBox, the campaign continues to rally support and funds toward its goal.

Q&A: What You Might Be Wondering ❓❔

1. Why did GoFundMe shut down the Tornado Cash legal defense campaign? GoFundMe cited a breach of their terms of service, specifically Term 22, which bans activities deemed objectionable or potentially exposing the platform and its users to liability. However, the precise reason for the breach remains undisclosed.

2. What are the alternatives for donating to the Tornado Cash legal defense campaign? After GoFundMe’s actions, various decentralized alternatives have emerged. One of the notable platforms is JuiceBox, which enables individuals to support causes using cryptocurrencies.

3. What other challenges does Tornado Cash face? Apart from the GoFundMe campaign shutdown, Tornado Cash is entangled in legal battles with the U.S. Department of Justice. Storm has been charged with money laundering, and the SEC accuses Tornado Cash of aiding the Lazarus Group in bypassing sanctions.

The Larger Context: Decentralization and the Future of Fundraising 🌍🏦

The GoFundMe incident serves as a reminder of the potential pitfalls of relying on centralized platforms for fundraising. The power to shut down campaigns without complete transparency or accountability raises concerns about freedom and control. This, in turn, reinforces the case for decentralized solutions, such as cryptocurrency-based crowdfunding platforms, which offer individuals the ability to support causes without intermediaries.

As the regulatory landscape continues to evolve and incidents like this unfold, the future of fundraising may increasingly involve decentralized options. Cryptocurrencies and blockchain technology have the potential to reshape traditional fundraising models, allowing for greater transparency, censorship resistance, and direct participation from the global community.

Conclusion: Decentralizing the Power of Support 🌪️💚

The GoFundMe takedown of the Tornado Cash legal defense campaign has not only sparked controversy but also ignited discussions about the importance of decentralized fundraising options. With platforms like JuiceBox and other cryptocurrency-powered crowdfunding platforms, the ability to provide support transcends the limitations and potential biases of centralized intermediaries.

By leveraging the power of blockchain technology and embracing decentralized solutions, individuals and causes can access a global supporter base and ensure that their voices are heard. Let’s keep supporting the projects and initiatives that champion freedom, fairness, and justice. Together, we can weather any storm. 🚀⚡

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References:

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