Tornado Cash surges 500% in one day after US court ruling

Tornado Cash surged 500% in one day after a favorable ruling from a U.S. federal court. As of 12:40 p.m. on the 27th, CoinMarketQ, a global coin market relay site,
Tornado Cash is trading at $20.50 on Tuesday, up about 500% from 24 hours ago. This comes after the Fifth U.S. Circuit Court of Appeals in New Orleans, Louisiana overturned Tornado Cash's decision.
The court ruled in favor of Bitcoin Cash, a cryptocurrency that was allegedly stolen from a North Korean hacking group, according to CoinDesk, a media outlet specializing in virtual currencies.
The court ruled that imposing sanctions on the software itself was an abuse of power in connection with the laundering of more than $455 million using Tornado Cash, a software used by the company.
A mixer is a service used to increase the anonymity of transactions by splitting cryptocurrency into pieces so that it is impossible to know who sent it.
The ruling follows a Texas federal court ruling in August last year that found the sanctions imposed on Tornado Cash were justified.
The ruling overturned the ruling. In August 2022, the U.S. Treasury Department said Tornado Cash had been used to launder more than $7 billion in cryptocurrency, including North Korea’s cryptocurrency.
The bank also announced that the funds included $455 million stolen by the North Korean hacking group Lazarus. It then took strong measures, including seizing related assets.
However, the appeals court found this to be unjust. Experts have welcomed the ruling with open arms. Experts say, "No one can imagine that criminals would exploit cryptocurrency protocols.
"We don't want that," they said, "but it would be unfair to ban an entire open source technology because of a few malicious users."
Immediately after this news was reported, Tornado Cash skyrocketed, briefly exceeding $40, but is now at $20.
It is traded on a per unit basis.