logo
Back to News
US Court Overturns Sanctions Against Tornado Cash, TORN Price Jump 130%

US Court Overturns Sanctions Against Tornado Cash, TORN Price Jump 130%

BitcoinEthereum

In a major development in the Tornado Cash lawsuit, an appeals court has overturned the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) sanctions against the crypto mixer. As a result, TORN price jumped 130% within a few hours.

US Court Lifted Sanctions Against Tornado Cash

The U.S. Treasury Department acted outside its authority when it sanctioned Tornado Cash in 2022 and accused it of helping launder over $7 billion for North Korean hackers and other malicious cyber actors, as per the U.S. District Court for the Western District of Texas filing on January 21.

Tornado Cash sanctions lawsuitTornado Cash sanctions lawsuit
Source: CourtListener

The appeals court ruled in favor of the plaintiffs (Van Loon et al.) against the U.S. Treasury Department, the OFAC regarding sanctions on Tornado Cash. The ruling essentially finds that OFAC’s authority to sanction “property” cannot extend to autonomous, immutable code that no one controls. Immutable smart contracts cannot be “property” because they cannot be owned or controlled by anyone.

The Fifth Circuit Court of Appeals’s mandate and judgment actually came in November last year. The U.S. appeals court has ruled that the Treasury Department’s OFAC exceeded its authority by sanctioning Tornado Cash’s immutable smart contracts.

TORN Price Surges

TORN price skyrockets 130% as sanctions Tornado Cash were lifted, with the price currently trading at $17.74. The 24-hour low and high are $7.80 and $20.91, respectively. Furthermore, the trading volume has increased by nearly 120% in the last 24 hours, indicating a rise in interest among traders.

ImageImage

✓ Share:

Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


Share this article