Roman Storm, a co-founder of the cryptocurrency mixer Tornado Cash, has been convicted for conspiring to operate an unlicensed money transmitting business that processed more than $1 billion in illegal transactions. The conviction followed a four-week jury trial before U.S. District Judge Katherine Polk Failla in the Southern District of New York.
“Roman Storm and Tornado Cash provided a service for North Korean hackers and other criminals to move and hide more than $1 billion of dirty money,” said U.S. Attorney Jay Clayton. “The speed, efficiency, and functionality of stablecoins and other digital assets offer great promise, but that promise cannot be an excuse for criminality. Criminals who use new technology to commit age old crimes, including hiding dirty money, undermine the public trust, and unfairly cast a shadow on the many innovators who operate lawfully. This Office and our partner agencies are committed to holding accountable those who exploit emerging technologies to commit crime.”
According to evidence presented at trial as well as public filings and the indictment, Storm was one of three founders behind Tornado Cash—a platform designed to facilitate anonymous transfers of cryptocurrency by making transactions untraceable. He and his associates created core features of the service, funded its infrastructure, promoted it publicly, and earned millions from its operation.
Tornado Cash advertised itself as enabling untraceable financial transactions for customers seeking anonymity. Despite knowing that significant volumes of criminal proceeds were being moved through the platform—including funds linked to high-profile hacks—Storm continued operating the service. Testimony showed he was aware that over $1 billion in criminal proceeds passed through Tornado Cash.
Storm also knowingly transmitted hundreds of millions of dollars tied to specific incidents such as the Ronin hack, which authorities attributed publicly to North Korea’s Lazarus Group cybercriminal organization. He continued facilitating these transfers even after this attribution became known.
Ultimately, Storm and his co-founders cashed out more than $12 million in profits from their operations with Tornado Cash.
Storm was found guilty on one count of conspiracy related to operating an unlicensed money transmitting business—a charge carrying up to five years in prison under federal law. Sentencing will be determined by Judge Failla at a later date.
U.S. Attorney Clayton commended both the FBI and IRS-Criminal Investigations for their work on this case. The prosecution is managed by the Illicit Finance and Money Laundering Unit within the U.S. Attorney’s Office for the Southern District of New York.
Assistant U.S. Attorneys Thane Rehn, Benjamin A. Gianforti, Ben Arad; Special Assistant U.S. Attorney Kevin Mosley; Paralegal Specialists Olivia Sebade; and Dean Iannuzzelli contributed to handling this matter.
