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TORN Price Jumps 180% As US Court Overturns Sanctions Against Tornado Cash

A US appeals court lifted sanctions on crypto mixer Tornado Cash by US Treasury's OFAC. TORN price skyrocketed by 180%.
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TORN Price Jumps 180% As US Court Overturns Sanctions Against Tornado Cash

Highlights

  • US appeals court overturned OFAC sanctions against Tornado Cash.
  • The appeals court the U.S. Treasury Department's OFAC acted outside its congressional authority.
  • TORN price skyrockets 180%.

In a major development in the Tornado Cash lawsuit, a 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.

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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.

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.

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Appeals Order As Lawsuit Precedent

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.

The ruling by an appeals court acts as a binding precedent for district courts. It also allows parties to appeal against judgments they believe were not in line with the laws and rulings in other cases.

Crypto-friendly US President Donald Trump in the White House has cleared headwinds for the crypto industry and cases. For instance, Trump pardoned Silk Road creator Ross Ulbricht’s sentence as he promised.

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TORN Price Surges

TORN price skyrockets 180% as sanctions Tornado Cash were lifted, with the price currently trading at $17.74. The 24-hour low and high are $7.80 and $25, respectively. Furthermore, the trading volume has increased by nearly 120% in the last 24 hours, indicating a rise in interest among traders.

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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.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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