Tornado Cash Token Loses 24% Of Value After Developer Arrest

2022-8-13 12:47

TORN, the token of Tornado Cash, plummeted by nearly a quarter in the last 24 hours after Dutch authorities arrested a suspected developer for the crypto transaction mixing protocol in Amsterdam on Friday.

After the US Treasury added the mixing protocol on its sanctions list, Tornado Cash noticed a significant decrease in deposits and a rise in withdrawals.

According to sources, barely $6 million has been deposited into the system since the implementation of the sanctions. The numbers reflect a 79% decrease compared to the same timeframe the week prior.

Tornado Cash (TORN) Sheds 97% Since Feb. ATH

At 3:03 p.m. in New York, TORN was down around 16% to $14.23. The token’s value has decreased by roughly 97% since its all-time high on February 13, 2021. In comparison, the value of prominent cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) has decreased by only 3.2% and 0.9%, respectively, over the past 24 hours.

According to the US Treasury, Tornado Cash is one of the most popular platforms for crypto-transaction anonymization.

The Treasury has blacklisted the decentralized privacy solution, claiming that it was used to launder $7 billion in illicitly obtained cryptocurrencies.

Tornado Cash, which was launched in 2019, has also been utilized by a North Korean hacker organization related to the $625 million attack on the blockchain game project Axie Infinity in March, as well as other cybercrimes, according to the Treasury.

Access Denied

Access to Tornado Cash has also been blocked after the announcement of the sanctions. The project’s Discord channel is no longer accessible to users, and its governance forums and Github pages have also been restricted.

The market capitalization of TORN is approximately $135 million, according to CoinMarketCap. Bitcoin, in contrast, has a market value of approximately $455 billion dollars.

The so-called governance token also allows its holders to vote on protocol updates. Majority shareholders include the company’s founders and its first supporters.

The Fiscal Information and Investigation Service (FIOD) of the US Treasury stated that their criminal probe into Tornado Cash started in June of this year.

Tornado Cash is not the first privacy application to be included in the US Treasury’s blacklist. Blender was sanctioned by the Treasury a month earlier after it was accused of enabling the laundering of $21 million stolen in the Ronin Bridge hack.

The Tornado Cash community appears to be experiencing a particularly brutal crypto winter. In conjunction with the present bear market, it appears that shutdowns, arrests, and sanctions have delivered a significant damage to the enterprise, as investors continue to turn their backs on the protocol.

Crypto total market cap at $1.15 trillion on the daily chart | Source: TradingView.com Featured image from Analytics Insight, Chart from TradingView.com

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Know Your Developer (KYD) на Currencies.ru

$ 0.0030039 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0.0030039 - H: $0.0030039
Капитализация $0 Rank 3603
Доступно / Всего 0 KYD / 21m KYD

developer cash token tornado suspected arrested crypto

developer cash → Результатов: 126


Tornado Cash Suspected Developer Collared By Dutch Authorities

The Tornado Cash chronicle unfolds. Authorities in the Netherlands apprehended a man suspected to be a Tornado Cash developer in Amsterdam on Wednesday. The Fiscal Information and Investigation Service said that the unidentified 29-year-old man was reportedly involved in money laundering via the decentralized Ethereum mixer Tornado Cash. In the Netherlands, FIOD is the body […]

2022-8-12 17:31


Фото:

Aave Founder To Build “Twitter on Ethereum” Following Jack Dorsey’s Plan to Bring DeFi to Bitcoin

On July 16, CEO of Square, Jack Dorsey revealed his plans to build a new initiative for offering financial services on Bitcoin. Here is how he described this new business: “Square is creating a new business (joining Seller, Cash App, & Tidal) focused on building an open developer platform with the sole goal of making […]

2021-7-20 19:45


Фото:

Cointext Cofounder Unveils BFP Encrypt – Send Encrypted Data to Bitcoin Cash Addresses

Vin Armani, the cofounder of Cointext, has announced the launch of a Javascript library that allows people to send encrypted data to addresses on the Bitcoin Cash (BCH) network. A BCH private key can decrypt the data, and when Armani released the Javascript package, the developer stressed that he felt “a sense of urgency” to […] The post Cointext Cofounder Unveils BFP Encrypt – Send Encrypted Data to Bitcoin Cash Addresses appeared first on Bitcoin News.

2020-4-5 06:40


Фото:

Vin Armani Talks Content, Reveals the ‘Real’ Bitcoin in New Video

Cointext CTO Vin Armani has a lot to say. The multi-faceted content creator, voluntaryist philosopher, and developer in the Bitcoin Cash community crafts thought-provoking crypto content. Whether dissecting the ‘gym friend’ meme in the context of grounded masculinity, or addressing the roots of tribalism and which chain is the true Bitcoin, Armani’s collaboration with video […] The post Vin Armani Talks Content, Reveals the ‘Real’ Bitcoin in New Video appeared first on Bitcoin News.

2020-1-13 23:00


Фото:

Privacy-Enhancing BCH Tool Cashfusion Begins Working Behind the Scenes

This week Bitcoin Cash (BCH) proponents have been celebrating the fact that 187,212 BCH ($40 million) has been shuffled since the Cashshuffle platform launched in the last week of March. Moreover, on Saturday, Electron Cash developer Jonald Fyookball announced the highly anticipated Cashfusion protocol has been working behind the scenes using alpha software.

2019-11-26 00:00