Tornado Cash Court Victory Sends TORN Cryptocurrency Exploding 870%

The recent court victory of cryptocurrency mixer Tornado Cash has seen its native cryptocurrency, TORN, explode by a staggering 870% in the past 24 hours, capturing the attention of crypto enthusiasts and proving a market leader today, November 27.

In a significant move, a U.S. federal appeals court has reversed a lower court ruling, marking a major victory for Tornado Cash. The ruling highlighted that the Treasury Department’s Office of Foreign Assets Control (OFAC) had overstepped its authority in sanctioning the cryptocurrency mixing service provider. The information was published by the The Block.

According to the publication, the three judges of the Fifth Circuit Court of Appeals highlighted in the decision: “We find that Tornado Cash’s immutable smart contracts (the lines of software code that enable privacy) are not ‘property’ of a foreign national or entity, which means that (1) they cannot be blocked by IEEPA and (2) OFAC has exceeded its authority as defined by Congress.”

Furthermore, the judges' recent decision highlighted that, although it has the OFAC assessment regarding "any property", Tornado Cash remains outside the reach of regulatory authorities, given that its smart contracts are not proprietary or traditional contracts or services.

Following the news of the court victory, the price of the Tornado Cash (TORN) token saw a dramatic rise, rising from $3,6 to a high of nearly $35. The price increase amounts to an impressive 870% in just one day.

At the time of publication, the price of Tornado Cash (TORN) is trading at $20,14, up 465.5% in the last 24 hours. During this period, the trading volume of Tornado Cash (TORN) is $23.347.138, representing an increase of 23.271,40% from a day ago and signaling a recent surge in market activity.

It's worth remembering that last week, Illinois Rep. Sean Casten and five other Democratic colleagues sent a letter to the US Treasury Department requesting further investigation into Tornado Cash. They highlighted the case of Roman Storm, one of the co-founders, who allegedly purchased $3,1 million worth of properties and a Tesla SUV with illicit funds.