US Crypto Mixer Lifts Sanctions, Altcoin Price Doubles Instantly! - Coin Bulletin

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced that Tornado Cash has been removed from the sanctions list. Following this development, the price of Tornado Cash increased by 110%.

Tornado Cash had previously been accused of laundering funds stolen by North Korea’s Lazarus Group. However, last November, a US federal appeals court ruled that sanctions against Tornado Cash’s smart contracts could not be enforced. The court ruled that these contracts do not have the “ownership” of any foreign national. The Treasury Department announced that Tornado Cash’s website and the Ethereum (ETH) address have been removed from OFAC’s specially designated nationals list.

Following OFAC’s statements, Tornado Cash’s token appreciated in value by 110%. The price increased from $7.45 to $15.7, presenting a significant opportunity for investors.

Tornado Cash and developer lawsuits

Roman Storm, one of the founders of Tornado Cash, will face criminal charges this July due to his role in the development of Tornado Cash’s smart contracts. Another developer had also been accused without arrest. OFAC continues to impose sanctions on the accused developers of Tornado Cash. However, despite the lifting of sanctions on Tornado Cash’s smart contracts, the U.S. government states that digital assets must be protected from malicious actors such as North Korea.