TORN Jumps After Tornado Cash Court Ruling, Investors Reap 540% Gains
The post TORN Jumps After Tornado Cash Court Ruling, Investors Reap 540% Gains appeared on BitcoinEthereumNews.com.
A court decision has brought Tornado Cash and its native token TORN, into the spotlight. The U.S. Fifth Circuit Court of Appeals deemed sanctions against the crypto mixer as unlawful. It not only strengthened the privacy rights within the blockchain but also resulted in a 1,000% increase in the price of TORN. For one smart money investor, this marked a huge payday: $455,000 invested grew to be an unrealized profit of $384,000. That is 540% in less than a month. – Advertisement – Treasury’s Sanctions Overturned Tornado Cash was sanctioned by the Treasury’s Office of Foreign Assets Control (OFAC) in July 2022 for helping launder more than $7 billion of stolen funds. Out of these, the North Korean Lazarus Group, which is most famous for cybercrime, reportedly laundered millions through Tornado Cash. But the court found that OFAC overstepped its legal authority on this matter. Pivotal to the FUD was the fact that Tornado Cash has a simple design for its smart contracts. These self-executing, decentralized computer programs written in lines of code located on the Ethereum blockchain do not have direct human control. – Advertisement – The court then concluded that such contracts do not fit within the meaning of “property” under IEEPA because property cannot be owned, controlled or restrained. “The immutable smart contracts at issue are not property because they are not capable of being owned,” the ruling clarified. The decentralized design of Tornado Cash ensures that, even with sanctions in place, no entity—including North Korean hackers—can be entirely blocked from accessing the protocol. Market Reaction: Tornado Cash Rally The ruling’s immediate impact on the crypto market was profound. TORN’s price rocketed from $2.70 to over $30, delivering a stunning 1,000% increase. One investor, identified by blockchain intelligence platform, Lookonchain, seized the moment ahead of the ruling.…
Filed under: News - @ November 28, 2024 9:25 am