Keonne Rodriguez, co-founder of Samourai Wallet, pleaded not guilty in a Manhattan courtroom on Monday to two charges related to creating and marketing a privacy-focused bitcoin wallet app and mixing service.

Rodriguez, 35, and Samourai Wallet’s other co-founder, William Lonergan Hill, 65, were arrested last week — Rodriguez in Pennsylvania and Hill in Portugal — and each face one count each of committing money laundering conspiracy and operating an unlicensed money transfer. Both charges carry penalties of 20 years and 5 years in prison, respectively.

Prosecutors alleged that between 2015 and the takeover of Samourai Wallet’s servers last week, the app “intermediated the laundering of over $100 million from illegal dark web markets” and processed “unlawful transactions” totaling nearly $2 billion.

The closure of Samourai Wallet and the arrest of its founders has sparked outrage from many in the crypto industry as the US government prepares charges against Tornado Cash developer Roman Storm; because it was perceived as a sign that the government was trying to criminalize financial privacy.

In a Department of Justice (DOJ) press release announcing the pair’s arrest last week, prosecutors said Rodriguez and Hill “encouraged and openly invited users to launder criminal proceeds” and viewed “restricted markets” as a target audience.

Rodriguez was arrested around 6 a.m. on April 24 at his home in Harmony, Penn. He was later released on $25,000 bail by a Pennsylvania judge and ordered to appear before a Southern District of New York (SDNY) judge on Monday morning.

Barbara Moses Court Judge on Monday ordered Rodriguez released on $1 million bail and agreed to the conditions set in the bail package agreed upon between federal prosecutors and Rodriguez’s attorneys - Sean Buckley and Michael Keilty of Kobre Kim, an international law firm. did.

Rodriguez’s bail will be secured by real estate in Pennsylvania and the signatures of his wife and another family member. Except for attending court proceedings, Rodriguez will remain at home and will be monitored via location tracking technology.

Rodriguez’s next hearing is scheduled for May 14 at 2 p.m. in Manhattan before District Judge Richard Berman. Berman oversaw the trial of Mango Markets cheater Avraham Eisenberg earlier this year.