Tornado Cash Token Pumps As Trump Overrules Sanctions, Is This New Crypto Wallet ICO Next?

Tornado Cash, a completely decentralized protocol for private transactions on the Ethereum blockchain network, has in the last few days surged its price by 125% over the last week. Today, $TORN is trading at $18 and at a current market capitalization of $98.14 million.

This recent price increase directly relates to a recent judicial victory for the protocol. The US Court of Appeals has vacated the sanctions imposed by the US Treasury Department's Office of Foreign Assets Control (OFAC) on Tornado Cash.

This development caused $TORN's price to soar by 160%, from $9.5 to more than $25 on Jan. 22.

Following the news, Tornado Cash's market cap also increased over 224% from around $34.9 million to almost $96.5 million.

OFAC’s Sanctions on Tornado Cash Overturned by Appeals Court

In 2022, the US Treasury Department accused Tornado Cash, a decentralized mixing service designed to enhance privacy on the Ethereum blockchain, of facilitating over $7 billion in money laundering for North Korean hackers and other malicious cyber actors. 

This claim resulted in OFAC imposition of sanctions. The appellate court decided that OFAC overstepped its power in this case. The court underlined how OFAC power over "property" does not reach immovable and unchanging code.

This court found it to be fact that absolute smart contracts, such as Tornado Cash, cannot be termed "property." No one can possess property belonging to the contract.

The court noted in its decision that applying these old traditional sanction frameworks to these types of entities, such as decentralized protocols, is inherently limited because they lie outside of traditional legal boundaries.

Unlike a traditional financial institution with centralized control, Tornado Cash operates autonomously as a smart contract without a central authority or location.

Crypto Community Applauds Tornado Cash Ruling Amid Privacy Debates

The court decision has been met with widespread support within the community, as many feared that sanctioning Tornado Cash set a dangerous precedent. 

Critics argued that this action symbolized an attack on privacy tools as a whole, potentially criminalizing privacy-preserving technologies with legitimate applications. This echoed concerns from the "crypto wars" of the 1990s, when strong encryption was heavily restricted.

Apart from the heated controversy surrounding the argument of privacy against security, there seems to be tremendous speculation regarding how $TORN will do when the court concludes. A massive increase in volumes and, consequentially, value is predicted within the near horizon.

Other X subscribers also speculate in the hope to see the future re-list on major exchanges- Binance and OKX.

However, the crypto legal landscape remains complex. This win does not seem to free Alexey Pertsev, one of the Tornado Cash developers, from prison in the Netherlands on money laundering charges connected to his work on the protocol.

Tornado Cash Ruling Amplifies Focus on Privacy in the Crypto Space

The recent case won for Tornado Cash, certainly complex and controversial enough, shines a light on an important aspect of the crypto space: user privacy and security are growing.

This call draws attention to Best Wallet ($BEST), the latest multichain wallet to gain traction within the cryptocurrency community.

https://x.com/BestWalletHQ/status/1873685508938670325

The best wallet has in place the suite of features designed to enhance the user experience but also have security as a priority.

Best Wallet is very easy to navigate, making it very accessible to a novice or an experienced crypto user. The app is available on iOS and Android, making it easy to access your portfolios on the go.

Security is a top priority for Best Wallet. It uses the most advanced security protocols, including biometric authentication and two-factor authentication (2FA), to protect your funds.

The $BEST, which is the native token on the Best Wallet ecosystem, also presents various benefits for its holders in the form of reduced transaction fees, exclusive participation in presales, and a chance to vote on community governance. The Best Card, integrated into the platform, further allows users to enjoy cashback rewards on everyday purchases.

Now in presale $BEST, as of now stands at nearly raising $8million. This creates one of the ideal opportunities for any early investor willing to buy up the token; they can go in for it since Best Wallet is making it available presale at that attractive price for $0.0237.

Visit Best Wallet presale