Giant crypto exchange Binance, with its recent announcements, stated that user investments in this altcoin project, which was attacked by hackers, were stopped! While the altcoin platform has lost over $2 million, Binance users will not be able to trade on this altcoin for a while! Here are the details…
Cryptocurrency exchange Binance has temporarily suspended transactions for Tornado Cash (TORN)!
While the cryptocurrency market has been shaken by many hacking attacks for a long time, the Tornado Cash (TORN) platform, which many hackers use, was hacked. With the latest hack attack, many crypto exchanges took measures against the popular altcoin, while the statement from the giant crypto money exchange was not delayed. Giant cryptocurrency exchange Binance announced that it has suspended Tornado Cash (TORN) transactions for a while, along with its statements on Twitter. The explanations reveal that no exact time has been specified. The statement made by Binance is as follows:
Due to circumstances surrounding the protocol, #Binance will temporarily pause $TORN deposits until further notice.
— Binance (@binance) May 21, 2023
A hacker who hacked TORN, a DeFi platform, took control of Tornado’s cash management through a governance bid, allocating himself 1,200,000 votes. Chinese crypto reporter Collin Wu reports on Twitter that the hacker moved a total of 483,000 TORNs worth about $2 million from the Tornado Cash governance vault.
The Tornado Cash attacker obtained a total of 483,000 TORN from the Tornado Cash governance vault, and has deposited 6,000 TORN into Bitrue; sold 379,300 TORN on the chain and exchanged it for 375 ETH (about 680,000 U.S. dollars). The price is US$1.8; there are still 97,700 TORNs…
— Wu Blockchain (@WuBlockchain) May 21, 2023
According to the data transmitted by the platform, the user pools on Tornado Cash still seem safe.
Can the giant cryptocurrency exchange delist TORN?
As we have quoted as Kriptokoin.com, Tornado Cash has been a frequent destination for hackers for a long time. Hackers were losing their tracks by exchanging their maliciously acquired assets via Tornado Cash. Although it does not use all users for the same purpose, the recent events for Tornado Cash, which has a bad reputation, worry its investors. After Tornado Cash’s attack, many TORN investors began to withdraw their assets from exchanges. With this trend that started on Binance, the price of the cryptocurrency fell rapidly. Altcoin TORN, which has crashed by more than 30 percent in the last 24 hours, is instantly traded at $ 4.60. The market value of the project is instantly at $ 6,957,544.
In the last 24-hour period, the lack of TORN investors, whose lowest level was $ 3.55, attracts the attention of many experts. However, according to experts, investors who anticipate any delist announcement for TORN are selling their TORN assets on the exchanges. That’s why experts state that staying away from TORN for a while can be a good way for investors’ safety.
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