Ethanol is first converted to the toxic acetaldehyde, which is metabolized in the mitochondria. Ethanol does not depress mitochondrial activity but acetaldehyde does, so as more ethanol is converted to acetaldehyde, the mitochondria becomes less efficient at converting it into acetic acid--a vicious circle. In particular, the endogenous antioxidant glutathione is used up in the conversion of ethanol to acetaldehyde to acetic acid, so C60's antioxidant activity and presence in the mitochondria will certainly help matters. So will reduced glutathione, taken orally, in my own experience.I have not found an explanation for C60oo's effect on decreasing the effect of alcohol. However, others on this site have noted it, too.
This is probably at least part of the reason, if not most of it, that c60 seems to reduce hangover. The effect on the high is probably yet another mechanism.