On Jan. 22, TORN, the native token of Tornado Cash, skyrocketed by over 150% after a U.S. appeals court revoked the U.S. Treasury’s Office of Foreign Assets Control (OFAC) decision to sanction the cryptocurrency mixer. Tornado Cash’s TORN surged following the court ruling to as high as $25.48 from $8.12, the highest since November 2024. At the time of writing, TORN was trading at $16.3, up by 102% in the last 24 hours. In a historic court ruling for the crypto industry, the United States Court of Appeals for the Fifth Circuit said in a Jan. 21 filing that “the judgment of the district court is reversed,” as “ we hold that Tornado Cash’s immutable smart contracts (the lines of privacy-enabling software code) are not the 'property' of a foreign national or entity, meaning (1) they cannot be blocked under IEEPA, and (2) OFAC overstepped its congressionally defined authority,” the court said referring to the International Emergency Economic Powers Act. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
