Tornado Cash’s TORN price surges 120% amid news of sanction relief

Tornado Cash’s TORN token surged 124% on January 22 as speculators reacted to news of a court ruling lifting US sanctions on the platform’s smart contracts.

Tornado CashTORN) the token surged 124% on January 22 following a January 21 court ruling that apparently overturned US sanctions stipulate that the platform’s smart contracts are not “property” under US law.

Like crypto.news reported in November 2024, the case involved six Tornado Cash users who disagreed with the sanctions. The Office of Foreign Assets Control claimed the platform facilitated illegal activities, but the court said Tornado Cash’s smart contracts cannot be owned or controlled, and therefore are not affected by the sanctions.

“The immutable smart contracts at issue in this appeal are not property because they cannot be possessed,” Judge Don Willett wrote. The court emphasized that these contracts operate on their own once created and cannot be modified or restricted, even by those who entered into them.

Although the court acknowledged concerns about the illegal use of Tornado Cash, it said it could not change the law, explaining that “we must respect the statutory agreement made (or poorly made) by Congress, and not tinkering with it.” Amid the news, Tornado Cash’s native token, TORN, surged 124% to $17.67. As of press time, however, there is no public indication that OFAC has lifted the sanctions.