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Tornado Cash Surging After Court Ruling, Investors Seeing 540% Gains
Nov. 28, 2024. 1 min. read.
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Tornado Cash surges 1,000% after a U.S. court overturns sanctions, marking a major win for decentralization, blockchain privacy, and investor gains in the crypto community.
A U.S. court ruling has overturned sanctions on Tornado Cash, sparking a massive rally for its native token, TORN, which skyrocketed over 1,000%, strengthening blockchain privacy rights.
The U.S. Fifth Circuit Court of Appeals declared that sanctions imposed by the Treasury’s Office of Foreign Assets Control (OFAC) were unlawful. The court found that Tornado Cash’s immutable, decentralized smart contracts on the Ethereum blockchain do not qualify as “property” under the International Emergency Economic Powers Act (IEEPA), as they cannot be owned, controlled, or restrained.
“The immutable smart contracts at issue are not property because they are not capable of being owned,” the court clarified.
The ruling triggered a dramatic response in the market. TORN surged from $2.70 to over $30, delivering a 1,000% increase. One investor, identified by blockchain platform Lookonchain, turned a $455,000 investment into unrealized profits of $384,000, achieving a 540% gain within weeks.
Tornado Cash, sanctioned in 2022 for allegedly facilitating $7 billion in laundered funds—including by North Korea’s Lazarus Group—now sees its decentralized design vindicated. The ruling underscores that even with sanctions, no entity can completely block access to the protocol.
Coinbase, which backed the legal challenge, hailed the decision as a victory for decentralization and privacy. Chief Legal Officer Paul Grewal stated, “Tornado Cash smart contracts must now be removed from the sanctions list, and U.S. persons will once again be allowed to use this privacy-protecting protocol.”
The case highlights the ongoing legal challenges surrounding decentralized technologies, raising important questions about government control over tools inherently resistant to containment. For the crypto community, it marks a significant win for decentralization and privacy, emphasizing the delicate balance between innovation and regulation.
Source: TORN Jumps After Tornado Cash Court Ruling, Investors Reap 540% Gains
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