Sean 'Diddy' Combs: An Updated Timeline Of Charges, Allegations & Consequences The Rap Mogul Faces
While nothing has been proven yet in court, it's been a rapid fall and a dizzying stream of bad news for one of hip-hop's first billionaires.
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Scroll through the photos below for a timeline of it all.
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Tornado Cash investor slams prosecutors eyeing ‘unprecedented' new charges
Federal prosecutors could charge executives at crypto venture firm Dragonfly Capital in connection with its 2020 investment in Tornado Cash developer Peppersec Inc, an assistant US attorney reportedly said Friday. That prompted a swift rebuke from one of the firm's managing partners, who said the company stood by its investment and called the prospect 'outrageous.' 'We made this investment because we believe in the importance of open-source privacy-preserving technology,' Managing Partner Haseeb Qureshi said on X on Friday. 'Charging a venture firm for a portfolio company's alleged misconduct would be unprecedented.' Attorneys for Tornado Cash co-founder Roman Storm want to call Dragonfly Managing Partner Tom Schmidt as a witness in Storm's criminal trial, which began last week in New York. But Schmidt, apparently facing the spectre of prosecution, has said he intends to invoke his Fifth Amendment right against self-incrimination, according to Storm's attorneys. 'Are you looking at possibly prosecuting everyone at Dragonfly?' Judge Katherine Polk Failla asked federal prosecutor Thane Rehn on Friday during a back-and-forth over Schmidt's potential testimony, according to a post from Inner City Press. 'Not everyone,' Rehn reportedly replied. Tornado Cash allows users to cloak the movement of crypto from one wallet to another. Its users include people who want to maintain their privacy on the blockchain, as well as cybercriminals who have used it to launder stolen crypto. Prosecutors have charged Storm with conspiracy to commit money laundering, operate an unlicensed money-transmitting business, and violate US sanctions. He faces more than 40 years in prison. Dragonfly invested $882,000 in Peppersec in August 2020, according to a document unveiled in court on Thursday. Qureshi said Friday that Dragonfly 'obtained an outside legal opinion that confirmed that Tornado Cash as built complied with the law.' Private messages At Storm's trial Thursday, prosecutors shared a series of private messages between the Tornado Cash founders and Dragonfly executives. The executives advised the founders on their business plans, including a proposal to re-create Tornado Cash with anti-money laundering features, the messages show. Two days before investing in Tornado Cash, Qureshi urged Storm to create a three-year vesting schedule for the founders' tokens. 'You don't want to spook the market,' Qureshi said. '2 years is on the small side these days for founder lockups.' In February 2022, Storm asked Schmidt to urge holders of the Tornado Cash token to vote to introduce a 'relay registry' — a protocol feature that was key to some of Storm's alleged crimes, prosecutors say. Later that year, governments began to scrutinise privacy-enhancing crypto protocols such as Tornado Cash, and the founders began to implement changes to limit its use by cybercriminals. In April, the founders changed the Tornado Cash website to block crypto wallets sanctioned by the US. A month later, Storm told Dragonfly executives the Peppersec team was 'brainstorming an idea.' 'Privacy for blockchain with full compliance,' Storm said in a message in a group chat that included Qureshi and Schmidt. 'Has to be under new brand name, basically fork of Tornado Cash but with KYC/AML in it.' Qureshi said he was 'not a fan' of the idea. 'Legally it seems fine, but I just don't know if anyone will actually want this,' he said. 'Market need seems quite thin.' Dragonfly cooperation Tornado Cash was sanctioned by the US Treasury Department's Office of Foreign Assets Control that August. (Those sanctions were lifted this year after Ethereum developer Preston Van Loon and other Tornado Cash users successfully sued the Treasury Department.) 'Despite public assurances otherwise, Tornado Cash has repeatedly failed to impose effective controls designed to stop it from laundering funds for malicious cyber actors on a regular basis,' Treasury official Brian Nelson said in a statement. Storm was arrested a year later. Despite living in Washington State, the software engineer is being tried in the Southern District of New York. Prosecutors say that by communicating with Schmidt while the executive was in New York, Storm committed his alleged crimes in the district. '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,' Qureshi said Thursday. Dragonfly received a government subpoena in 2023 and has 'fully cooperated' with the government's investigation of Roman Storm since, according to Qureshi. He added that prosecutors have 'made clear' the venture firm was not a target of their investigation. '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,' Qureshi said. '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.' Aleks Gilbert is DL News' New York-based DeFi Correspondent. Reach out to him with tips at aleks@ Sign in to access your portfolio
