After a US federal appeals court ruled that the US Treasury Department’s sanctions on Tornado Cash were unlawful, the price of the platform’s TORN token skyrocketed to a two-year high. Tornado Cash is an on-chain privacy tool that uses smart contracts to enable anonymous crypto transactions. The platform was sanctioned in 2022, with the claim that it had helped launder over $7 billion in crypto, including stolen funds from hacking groups linked to North Korea.
However, the court determined that the Treasury’s sanctions exceeded its authority, as the open-source smart contracts do not belong to any person or foreign entity. The judges ruled that these contracts operate autonomously and cannot be sanctioned unless Congress updates the law. Following the ruling, TORN’s price surged to a two-year high of $40, marking a 400% increase within 24 hours.
The crypto community celebrated the decision, calling it a landmark victory for decentralized technologies and privacy rights.
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