According to market data, the price of Tornado Cash (TORN) has surged nearly 64% in the past 24 hours, reaching around $14. This price increase followed the US Treasury Department lifting sanctions on Tornado Cash, stating it is no longer on the Office of Foreign Assets Control (OFAC) sanctions list. The decision came after a federal court ruling in November 2024 declared Tornado Cash smart contracts are not considered foreign assets and cannot be sanctioned. Despite the sanctions being lifted, Semnov, the main developer of Tornado Cash, remains on the sanctions list. While there are no other cyber accusations against him, his ties to North Korea keep him under sanctions. Additionally, Storm, one of the founders of Tornado Cash, will stand trial in July this year for designing smart contracts and protocols of the service. Another developer is also under legal scrutiny but has not been detained yet. The US Treasury Department added that cyberattacks and state-sponsored money laundering, especially by North Korea’s Lazarus hacking group, remain a serious concern. US authorities are worried that digital assets could be illegally used to finance the regime of Kim Jong Un.
