Applovin Ranks 13th in Trading Volume with $26.73 Billion as Tornado Cash Sanctions Lifted

On March 25, 2025, Applovin (APP) saw a trading volume of $26.73 billion, ranking 13th in the day's stock market activity. The stock rose by 1.93%, marking its fifth consecutive day of gains, with a total increase of 24.19% over the past five days.

The U.S. Department of the Treasury announced on March 21, 2025, that it had lifted economic sanctions against Tornado Cash, a cryptocurrency mixing service that had been under U.S. sanctions since August 2022. This decision came after a court ruling that the Treasury's Office of Foreign Assets Control (OFAC) had overstepped its authority by sanctioning the platform. The court determined that Tornado Cash's immutable smart contracts cannot be classified as "property" under the International Emergency Economic Powers Act (IEEPA), setting a precedent for how decentralized protocols might be regulated in the future.

Tornado Cash, which operates on the Ethereum blockchain, enables anonymous transactions by obscuring the origin, destination, and counterparties involved. The platform was sanctioned for its role in laundering over $455 million in cryptocurrency stolen by the Lazarus Group, a hacking organization linked to North Korea. Despite lifting sanctions on the platform, Treasury officials emphasized their continued commitment to combating illicit activity in the cryptocurrency space, particularly North Korean hacking operations. This shift suggests a focus on individual actors exploiting these platforms rather than targeting the platforms themselves.