TORN Surges 418% As Federal Court Rules US Sanctions Against Tornado Cash Must Be Abandoned
The TORN price surged over 418% in the last 24 hours after a federal court ruled yesterday that US sanctions against Tornado Cash must be abandoned. TORN managed to break above $40 after the ruling, but has since pared gains to trade at $15.56 as of 2:39 a.m. EST, still up 337% from a day earlier. Along with the surge in price, the altcoin’s trading volumes also underwent a parabolic increase of 15,683%. Tornado Cash Contracts Can’t Be Considered Property, Says Federal Court Tornado Cash’s immutable smart contracts (the lines of privacy-enabling software code) are not the ‘property’ of a foreign national or entity,” according to the Nov. 26 ruling from the US Court of Appeals for the 5th Circuit. The US Treasury’s Office of Foreign Assets Control (OFAC) therefore “overstepped its congressionally defined authority” when it blocked access to the smart contracts under the International Emergency Economic Powers Act, t...