@jack-long
An appeals court ruled that the Treasury Department went beyond its authority when it imposed restrictions on Tornado Cash in August 2022 and accused cryptomixer of facilitating the laundering of more than $7 billion for North Korean hackers and other criminals. The Court of Appeals ruled in favor of plaintiffs Joseph Van Loon, Tyler Almeida, Alexander Fisher, Preston Van Loon, Kevin Vitale and Nate Welch, who appealed the decision in November 2023. Texas courts announced the blocking of the service.
The Court of Appeal's ruling states that OFAC's authority cannot extend to autonomous and immutable code that is not under anyone's control. Immutable smart contracts cannot be owned because they do not belong to anyone, the court decided.
The rate of the TORN token soared by 203% to $23.83. Over the past day, the token's trading volume increased by 3899%, amounting to $5.81 million. The market capitalization of TORN now totals $125.65 million, which indicates an increased interest of traders in the token.
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