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The US Court of Appeals has annulled the sanctions imposed by the US Treasury Department’s Office of Foreign Assets Control (OFAC) on Tornado Cash. This ruling led to a remarkable 130% surge in the price of the TORN cryptocurrency within just a few hours.
Sanctions Lifted
In 2022, the US Treasury Department accused Tornado Cash of facilitating over $7 billion in money laundering for North Korean hackers and other malicious cyber actors. However, the appellate court determined that OFAC had exceeded its authority in this matter.
Court Ruling Insights
The Appeals Court emphasized that OFAC’s authority over “property” does not extend to uncontrolled and immutable code. It stated that absolute smart contracts cannot be classified as “property” and cannot be owned by any individual or entity.
Surge in TORN Price
Following the lifting of the sanctions, the TORN price skyrocketed, reaching $17.74 within 24 hours, marking a 130% increase. The recorded lowest and highest prices during this period were $7.80 and $20.91, respectively. Additionally, trading volume increased by approximately 120% over the last 24 hours, indicating a growing interest from traders.
The Appeals Court’s decision was actually published last November. The US Appeals Court ruled that the Treasury Department’s OFAC exceeded its authority by sanctioning Tornado Cash’s immutable smart contracts.
This ruling has had a significant impact on the cryptocurrency market, boosting confidence among users. Tornado Cash will continue its operations as a platform providing cryptocurrency mixing services.
Discussions persist regarding the potential implications of such rulings on future projects within the cryptocurrency ecosystem. Experts hold varied opinions on the regulatory impacts of similar cases on digital assets.
In the wake of this ruling, speculation regarding the sanction risks of other projects in the crypto market has increased, prompting calls for additional security measures for Tornado Cash users.
