Tornado’s crypto token TORN nosedives after US imposes sanctions





Tornado Cash’s token TORN fell sharply on Tuesday after the US Treasury Department imposed sanctions on the mixer.


TORN was down 24% during Asian hours to $22, according to CoinGecko data. The token has lost 95% of its value since its all-time high in February 2021.


By contrast, larger cryptocurrencies Bitcoin and Ether posted smaller declines on Tuesday, falling roughly 1%.


TORN is the native token of Tornado Cash, a popular service which allows users to mask their transactions by mixing funds from different sources before transmitting them to the ultimate beneficiary. This feature has made it a preferred tool for hackers and criminals to launder stolen or illicitly acquired funds.


North Korea’s Lazarus Group used Tornado to launder money stolen in large crypto hacks, according to US authorities.


Tornado Cash was also used to launder funds stolen in the $600 million Ronin Bridge hack in March, as well as the $100 million loot from the Harmony Bridge exploit in June, according to security firms.


Data from Dune Analytics shows that around $7.6 billion have been sent through Tornado Cash since the service started in 2019. Around $1.54 billion of those funds are proceeds from criminal activity, according to forensics firm Elliptic.


In an earlier interview Roman Semenov, one of the founders of Tornado Cash, had said that it is “technically impossible” for sanctions to be enforced against decentralized protocols because of how they are designed.


In May, the US Treasury imposed sanctions on another cryptoasset mixer called Blender.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor





Source link

Comments are closed.