A US Court Overturns Sanctions on Cryptocurrency Mixer Tornado Cash
A US court has made a significant decision by overturning the sanctions imposed by the US Treasury Department’s OFAC on cryptocurrency mixer Tornado Cash. The U.S. District Court for the Western District of Texas has lifted the sanctions, bringing relief to the Tornado Cash community.
Market Response
Following the court’s decision, the price of TORN, the native token of Tornado Cash, surged dramatically. The price of TORN increased by up to 100% in recent hours, with the token currently trading at $17.7 at the time of writing. This positive development has brought renewed optimism to TORN holders and investors.
Background of the Sanctions
The U.S. Treasury Department’s OFAC had imposed sanctions on Tornado Cash in August 2022, accusing the cryptocurrency mixing protocol of aiding North Korea’s Lazarus Group in laundering $455 million of stolen digital assets. The founder of Tornado Cash, Aleksey Pertsev, was subsequently arrested in the Netherlands after the protocol was blacklisted by the US Treasury Department.
Legal Proceedings
Earlier this year, a Dutch court found Aleksey Pertsev guilty of money laundering and sentenced him to 64 months in prison. The overturning of the sanctions by the US court marks a turning point in the legal battle surrounding Tornado Cash and its founder.
It is important to note that this article does not provide investment advice and is for informational purposes only.