Samourai Wallet co-founder William Lonergan Hill, who was arrested in April on charges of money laundering and operating an unlicensed money transmitting business, has been released on bail. The specific conditions of his bail are still being negotiated.
Hill’s defense team and the Department of Justice are in dispute over where he should remain during his bail. His lawyer wants him to stay in Portugal with his wife, while prosecutors prefer him to stay in Brooklyn with his sister.
Hill’s co-founder, Keonne Rodriguez, has already pleaded innocent and was released on a $1 million bond. Hill’s bail package includes assets worth at least $3 million, which could potentially increase to $4.4 million if he stays in Portugal.
Hill plans to contest the charges, with his lawyer noting that the trial may not take place until 2025 due to the lengthy process of uncovering the facts. The defense argues that Samourai Wallet, available on Google’s App Store from 2015 to 2024, should not be considered a money laundering tool.
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Since the beginning of this year, the Ethereum ecosystem has suffered losses of $40 billion due to hacking attacks.
It is also argued that the charges depend on whether Samourai Wallet was an unlicensed money transfer business, which contradicts FinCEN’s guidelines at the time.
Senators Cynthia Lummis and Ron Wyden have sent a letter to Attorney General Merrick Garland, claiming that the prosecution of cryptographic software developers as unregistered money transfer businesses contradicts FinCEN’s guidelines and may stifle innovation.
Hill is required to appear in the Southern District Court of New York on July 9 or 10.
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