A US court has overturned the sanctions imposed by the US Treasury Department’s OFAC on cryptocurrency mixer Tornado Cash.
Accordingly, the U.S. District Court for the Western District of Texas lifted the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) sanctions on Tornado Cash.
Following this decision, the TORN price saw a major increase. Having increased by up to 100% in recent hours, TORN continues to trade at $17.7 at the time of writing.
The U.S. Treasury Department’s OFAC imposed sanctions on cryptocurrency mixing protocol Tornado Cash in August 2022 for allegedly helping North Korea’s Lazarus Group launder $455 million worth of stolen digital assets.
Tornado Cash founder Aleksey Pertsev was arrested in the Netherlands after Tornado Cash was blacklisted by the US Treasury Department in 2022.
At this point, last May, a Dutch court found Alexey Pertsev guilty of money laundering and sentenced him to 64 months in prison.
*This is not investment advice.
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