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Today in crypto, Alexey Pertsev, the developer of the cryptocurrency mixing protocol Tornado Cash, will remain in detention as he awaits his trial, staff turnover at the United States Securities and Exchange Commission has intensified, with a second official announcing their departure, and major German insurance company Allianz reportedly purchased nearly a quarter of MicroStrategy’s $2.6 billion convertible note offering.
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Court prolongs Tornado Cash developer Pertsev’s pre-trial detention
Alexey Pertsev will remain in pre-trial detention, a decision that has amplified concerns among developers of privacy-preserving technologies.
Pertsev, the developer of the cryptocurrency mixing protocol Tornado Cash, will remain in detention as he awaits his trial. In a Nov. 21 X post, Pertsev expressed disappointment over the court’s decision to extend his detention, which he said hampers his ability to prepare for an appeal.
The decision follows growing regulatory interest around Pertsev’s cryptocurrency mixing protocol.
On Nov. 14, several Democratic Party members of the United States House of Representatives demanded answers from Treasury officials on what is being done about the crypto-mixing service Tornado Cash, which was sanctioned in 2022 but remains active.
The lawmakers highlighted a “resurgence” in mixer usage this year, with Tornado Cash accepting $1.8 billion in deposits in the first half of 2024, a 45% increase compared to all of 2023.
Turnover at SEC intensifies post-election
Following SEC Chair Gary Gensler’s resignation earlier this week, SEC Commissioner Jaime Lizárraga announced on Nov. 22 that he will also step down from the agency.
According to the announcement, Lizárraga will relinquish his role on Jan. 17, mere days before President-elect Donald Trump begins his second term in the White House. Lizárraga began his career at the SEC in the 1990s and also served as a senior adviser to House Speaker Nancy Pelosi between 2011 and 2022.
After a tenure marked by hostility toward cryptocurrencies and blockchain technology, Gensler announced this week he will resign as SEC chair effective Jan. 20.
“It has been an honor of a lifetime to serve with them on behalf of everyday Americans and ensure that our capital markets remain the best in the world,” Gensler said in a statement.
Under Gensler’s tenure, the securities regulator brought more than 100 enforcement actions against crypto companies.
Allianz, Germany’s biggest insurer, buys 24% of MicroStrategy’s $2.6 billion notes
Germany’s largest insurance company, Allianz, has purchased nearly a quarter of MicroStrategy’s $2.6 billion convertible note offering, signaling increasing institutional interest in Bitcoin BTC$98,777.
Allianz — the second-largest insurance provider in Europe — acquired 24.75% of the note sale for institutional investors, which closed on Nov. 21.
The insurance giant made the investment across four different sub-organizations, according to Bloomberg Terminal data shared by pseudonymous analyst Petruschki in a Nov. 22 X post. Petruschki stated:
“The positions were filed in July and October. The shares are held by the following sub-organizations: Allianz Global Investors Luxembourg 14.34%, Allianz Global Inv Of America LP 6.64%, Nicholas Applegate Cap MGMT Inc 3.74% and AllianzbGlobal investors GMBH 0.04%.”
The news comes shortly after Bitcoin crossed its $99,000 record high after printing the biggest-ever monthly candle of over 40%, with eight days left before the end of November — bolstering analyst expectations for a rally above $100,000.
approached the insurance company for comment. Allianz’s head of media relations, Heidi Polke, had no comment.
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