Information about the legal ruling for Tornado Cash and the strong growth of the TORN token price has attracted significant attention in the crypto community. Here are the highlights from this event:
Historical Legal Ruling
The U.S. Court of Appeals has ruled that the sanctions imposed by the U.S. Department of the Treasury (OFAC) on the smart contracts of Tornado Cash are illegal. The court stated that OFAC exceeded its authority by imposing sanctions on Tornado Cash's smart contracts, as they are not assets owned by any individual or organization in the U.S.
The Tornado Cash sanctions were imposed in 2022 due to allegations that the platform supported criminal groups, including North Korea's Lazarus Group, in money laundering. However, the Court of Appeals assessed that Tornado Cash's smart contracts cannot be considered assets under U.S. jurisdiction, thus the sanctions are unreasonable.
This ruling is significant not only for Tornado Cash but also for the entire crypto market, as it confirms that security and privacy protocols in the blockchain space cannot be arbitrarily interfered with by the government.
See more: Coin Center Lawyer: Tornado Cash is not an asset
Impact on TORN Price
After the court ruling, the TORN token price of Tornado Cash experienced strong growth, increasing tenfold from $3.5 to $35, before adjusting to $18.2 at the time of writing.
The market capitalization of TORN has reached nearly $70 million, with an FDV (Fully Diluted Value) of nearly $183 million. The trading volume over the past 24 hours surged to $8.2 million, indicating strong interest from the community.
Price chart of TORN token (Tornado Cash) over the past 24 hours – Source: CoinGecko
Exchanges
TORN was once listed on the major exchange Binance, but after legal issues, this token was delisted from Binance on December 7, 2023.
Currently, users can trade TORN on CEX exchanges like MEXC and LATOKEN, as well as DEX exchanges like Uniswap V3 and PancakeSwap V2.
Feedback from the Crypto Community
On the X (Twitter) platform, the crypto community expressed excitement and welcomed this legal victory. A user named Agrawal shared: “These smart contracts need to be removed from the sanctions list and the people of the United States will once again be allowed to use this privacy-preserving protocol. In other words, excessive government interference will not be accepted.”
Risk Warning
TORN is currently experiencing very high volatility, and investors are advised to manage risks carefully if they decide to participate in trading this token.
Conclusion
The court's ruling is an important victory for Tornado Cash and may set a strong legal precedent for other privacy-preserving blockchain protocols in the future. However, with the strong price volatility of TORN, investors need to be cautious and manage risk when participating in this market.
Follow me @TinTucBitcoin #tintucbitcoin #Write2Win #btc #binance #bitcoin
