Samourai Wallet Foundas Dem Confess Guilty for $2B Laundering
Samourai Wallet co-founders Keonne Rodriguez an William Lonergan Hill, wey dem arrest for April 2024, don apply make dem change their plea from not guilty go guilty for New York federal court. Dem charge say dem dey run unlicensed money transmitting business an say dem conspire to launder over $2 billion, wit some money wey relate to Silk Road. Dem get hearing wey dem set for Wednesday to make the plea official, an trial go start for November 3. If dem find guilty, dem fit go prison for up to 25 years—20 years for money laundering an 5 years for unlicensed transmission. Dis follow-up to earlier failed motions based on DOJ guidance on unknowing mixers dey show say regulators dey watch privacy tools an crypto mixing services well well. Traders suppose dey watch how dis Samourai Wallet plea deal plus di Tornado Cash trial go fit change compliance standards an di way market feel about privacy wallets.
Bearish
Dis plea deal dey make regulatory pressure strong for privacy tools and crypto mixing services. Traders fit see say use of Samourai Wallet and related platforms go dey reduce, come lower demand. Short term, fear say enforcement go tight fit make people sell privacy-focused tokens. Long term, ongoing legal check fit stop innovation and make people no wan invest for privacy solutions, thus market sentiment go dey pressured.