Texas Court Reverses OFAC Sanctions on Tornado Cash, Boosting Crypto Privacy Advocates and TORN Price

Jan 22, 2025, 10:12 AM

A Texas District Court has ordered the reversal of sanctions imposed by the U.S. Office of Foreign Assets Control (OFAC) on Tornado Cash, a cryptocurrency mixing service. The court's decision marks a significant victory for crypto privacy advocates. The sanctions, which were initially imposed in August 2022, have been a point of contention within the crypto community. Following the court's ruling, the price of TORN, the governance token associated with Tornado Cash, surged by 140%, reaching a high of $21.91 and currently trading at $17.04, representing a 116.2% increase. The ruling is seen as a step towards freeing Ross Freed and other developers associated with Tornado Cash and is expected to influence the development of privacy-focused applications and tools in the cryptocurrency space.