TORN increases by 100% as Tornado Cash escapes the 'sights' of the U.S. Treasury
According to a statement from the U.S. Treasury, Tornado Cash and several related digital wallet addresses have been removed from the OFAC sanctions list. This move comes after the U.S. Court of Appeals and the Texas District Court ruled that OFAC exceeded its authority.
The judges argued that the smart contract of Tornado Cash cannot be considered as 'property' owned by any foreign individual or entity, and therefore is not within the scope of the International Emergency Economic Powers Act (IEEPA).
Previously, OFAC listed Tornado Cash on the blacklist in August 2022, accusing the platform of supporting North Korean hackers, particularly the Lazarus Group, in laundering over $7 billion in cryptocurrency from cyber attacks.
The decision to remove it is not only a reversal of policy but also reflects a new approach by the U.S. towards blockchain technology.
Treasury Secretary Scott Bessent asserted that the U.S. will continue to closely monitor criminal activities related to cryptocurrency.
Immediately following the announcement, the TORN token price of Tornado Cash surged nearly 100%, from around $7.5 to over $15 in just a few minutes. The crypto community on platforms like X quickly erupted with positive reactions.
Currently, TORN is trading at $10.51, up 23.54% in 24 hours. Trading volume increased by 1,855% to $3.29 million. Tornado Cash's market capitalization stands at $55.26 million.