A US court has ruled that OFAC exceeded its authority by imposing sanctions against Tornado Cash. The service's smart contracts are not considered "property," so blocking them is illegal. The decision overturns a district court verdict that had previously upheld the agency's actions.

On the back of the news, the TORN token soared by 870% - from $3.6 to almost $35, but later fell below $14 (CoinGecko).

The court's decision was made on the basis of a lawsuit filed by six Ethereum and Tornado Cash users against the US Treasury Department in September 2022. They argued that the sanctions were excessive, since the service is not a person or an organization, but software.