The Tornado Cash (TORN) Price Rose Sharply on Friday After the Crypto Mixer Network Secured Another Legal Milestone in the US

The TORN token soared to a high of $15.55 on Friday, its highest level since January 26 this year.

The price of Tornado Cash (TORN) rose sharply on Friday after the crypto mixer network secured another legal milestone in the US.

The TORN token soared to a high of $15.55 by 08:30 ET (12:30 GMT) after the Office of Foreign Assets Control (OFAC) removed the sanctions on the network. This decision occurred after a court ruled that the office exceeded its authority when it placed sanctions on the company. The ruling also stated that OFAC failed to provide notice to Tornado Cash or the public.

The US government had accused Tornado Cash of facilitating crime because of its business model. Ideally, the government can track crypto movements since the information is available on the public ledger. However, Tornado Cash makes tracking these transactions impossible since users deposit their tokens to smart contract pools, which generate a secret code that you will use to complete the transaction. By doing this, no one can track the transaction, which the government argued would facilitate crime.

However, a judge presiding over the case disagreed with the government’s assertions. The judge stated that the government's actions in imposing sanctions without notice or an opportunity for response would have a "significant chilling effect" on those subject to sanctions.

The ruling also highlighted that OFAC's actions could deter cryptocurrency companies and developers from innovating and investing in the U.S. due to the fear of being targeted by sanctions without due process.

As the sanctions on Tornado Cash get lifted, one crypto analyst expects the token price to increase significantly. In an X post, Javon Marks, a popular analyst known for his bold predictions, said that the coin may surge from the current price of $15.5 to $370.66.

Such a move would increase the coin’s market cap from the current $46 million to over $3.7 billion. It would also mark an astronomical gain of 2,650% from the current levels.

His TORN price prediction carries weight because he is one of the most followed crypto analysts on X. He has also been consistent in his bullish case for the Tornado Cash price, with his initial prediction made in November last year.

Further, the analyst recently made a bold prediction on PancakeSwap price, which occurred. He predicted that the CAKE coin would soon surge from $4 to $10.

Since then, the coin has jumped by over 100% in the past few weeks, helped by the growing volume in its DEX platform because of the growing meme coin ecosystem. However, it remains to be seen if the coin can continue surging to reach the analyst’s prediction.

For the Tornado Cash price to surge to $370, it would need several catalysts. In the first place, it needs the crypto market to be supportive, with Bitcoin surging to a record high. It would also help if the cryptocurrency market remained bullish for an extended period.

TORN also needs to have some more bullish news such as fresh exchange listings. Currently, the coin is only available for trading on Huobi and AscendEX, which may limit the price gains.

If these factors come together, then we could see the TORN price surge to incredible highs in the coming months.