Pressure has increased on Tornado Cash (TORN), associated addresses, developers contributing to the network, and anyone using the mixing platform. Meanwhile, the project’s management token, called TORN, dropped in value. Over the past seven days, the Tornado Cash governance token has lost 57.6 percent against the US dollar. Meanwhile, one of the Tornado Cash team said in an anonymous statement that Tornado DAO has been shut down. Here are the details…
Tornado Cash employee made a statement
Tornado Cash team member, who gave an interview to a cryptocurrency news site, made interesting statements. When asked about the TRM Labs API that causes protocols like Aave, Uniswap and Balancer to sanction addresses linked to TORN, the member described it as “a bad case”. He explained that this situation undermines decentralization. Following the closure of Tornado Cash DAO, “DAO funds have been returned to management contracts. The multi-sig has been deleted.” said. The removal of multisig in the DAO suggests that this could be the end for Tornado Cash. However, the team member explains that this is just his opinion. The member uses the following expressions:
With multiple signatures, the DAO is closed… Tornado Cash cannot fight the USA.
The member claimed that “no one has done anything wrong… the problem is in the world” regarding the incident. He confirmed that the DAO was shut down “to keep members safe and avoid legal trouble” as the situation was “dangerous for all developers”. The team member also confirmed that Roman Storm, Co-Founder of Tornado Cash, was looking for lawyers in the Netherlands “a few days ago”. It is thought that this search may be for the arrested founder Aleksey Pertsev. The member pointed out that Aleksey might be aware of what will happen in advance.
TORN price crashes
As reported by Kriptokoin.com, the project’s management token Tornado Cash (TORN) has lost more than half of its USD value. TORN is an ERC20-based token released in February 2021. 5 percent of the supply was airdropped to users who used the snapshot before the snapshot. So there are about 1,511,065 TORN tokens. 500,000 TORN airdropped to the TORN community. The US government crashed Tornado Cash. TORN has taken a serious market hit, as it banned the practice of co-shuffling with associated ETH-based addresses.
TORN saw $43.4 million in global trade volume, mostly due to sales. Popular crypto exchanges listing TORN include Binance, Bingx, and Bitget. Today, 69.93 percent of all TORN transactions are operating in USDT parity. It is followed by BUSD (24.73%), BTC (3.92%), WETH (1.18%) and USDC (0.24%). TORN is down 97.2% from its all-time high ($437) on February 13, 2021. TORN hit an all-time low of $11.81 per unit on August 13.
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