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A court filing dated January 21 indicated that the United States District Court for the Western District of Texas has overturned sanctions against the crypto mixer Twister Money, resulting in a significant increase in the value of its token, TORN.
Twister Money Sanctions Overturned, TORN Token Rises
This ruling officially nullified the sanctions imposed by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) against Twister Money, which were enacted in August 2022 due to accusations of enabling illicit digital asset laundering by malicious entities, including those from North Korea.
US Court of Appeals reverses Twister Money sanctions.
Winning every day… pic.twitter.com/sZrxMhZMGL— Bitcoin Archive (@BTC_Archive) January 22, 2025
Alexey Pertsev, a developer of Twister Money, received a sentence of 5 years and 4 months in prison on money laundering charges following his arrest in August 2022.
Other developers, Roman Storm and Roman Semenov, were subsequently charged in August 2023 for allegedly facilitating the laundering of over $1 billion through the protocol.
The sanctions and ensuing legal actions created friction among U.S. lawmakers and officials, leading the broader crypto community to initiate litigation against former Federal Reserve Chair Janet Yellen.
The court document indicated that the previous ruling was reversed and sent back for further proceedings in line with the appellate court’s opinion.
This announcement had a significant impact on the cryptocurrency market, with TORN’s value experiencing a notable surge.
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Court Decision Highlights Smart Contract Implications for Twister Money
The reversal is regarded as a win for advocates of decentralized software, as the court ruled that Twister Money’s “smart contracts” cannot be classified as property under the International Emergency Economic Powers Act.
1/ Today, the Court of Appeals for the Fifth Circuit issued a judgment reversing the OFAC sanctions on Twister Money, marking an important victory for the freedom of software developers everywhere.
— Blockchain Association (@BlockchainAssn) January 22, 2025
The Blockchain Association underscored the neutrality of technology in a statement on X, asserting, “Technology is a tool that can be utilized, or misused, by anyone. Our government should penalize the bad actors that abuse these tools rather than the tools themselves.”
Roman Storm, facing up to 45 years in prison, voiced concerns regarding the broader ramifications of his charges, stating, “The charges against me threaten to criminalize software development itself. If successful, the implications could extend far beyond the crypto industry, affecting every software developer.”
The ruling elicited responses throughout the cryptocurrency community, with many taking to social media to share their opinions.
GM and happy Twister Money day to all those who celebrate
— BowTiedDevil (@BowTiedDevil) January 22, 2025
X user @BowTiedDevil remarked, “GM and happy Twister Money day to all those who celebrate.”
This sentiment was echoed by others who viewed the decision as a positive development for decentralized software and smart contracts.
The post Texas Court Reverses Twister Money Sanctions appeared first on Cryptonews.
