One of the founders of sanctioned crypto mixer Tornado Cash (TORN) is asking for financial help ahead of his criminal trial in the United States. Roman Storm was arrested last year and charged by the U.S. Department of Justice (DOJ) for allegedly laundering $1 billion in criminal proceeds. In a new video posted on the […]
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TORN fell from $3.90 to $1.66 after Binance announced it would no longer carry the coin.
The governance token for crypto mixer Tornado Cash (TORN) has fallen by over 50% on Nov. 26-27, according to data from Coingecko. The crash came on the same day that crypto exchange Binance announced it was delisting the token.
Tornado Cash is a cryptocurrency mixing protocol. Its token, TORN, is used to vote on proposals for upgrading the protocol. On Nov. 26-27, the token took a nosedive, falling from $3.90 to just $1.66, a decline of 57%. The price decline happened as the world’s largest crypto exchange by volume, Binance, announced that it will stop accepting deposits of TORN on Dec. 8 and will no longer process withdrawals after March 7, 2024.
On Aug. 8, Tornado Cash was sanctioned by the United States Office of Foreign Asset Control (OFAC) for allegedly facilitating money laundering. This legally barred U.S. residents from using the protocol.
Related: Blockchain Association files support in suit to lift Tornado Cash sanctions
Binance originally claimed that it did not allow U.S. residents to use its exchange. But on Nov. 21, the United States Department of Justice announced that it had reached a plea deal with Binance. As part of the deal, Binance admitted that it had served some U.S. customers without having a license to do business in the US.
In its announcement, Binance said it delisted TORN because the token no longer meets its standard for listable assets, based on a variety of factors. “At Binance, we periodically review each digital asset we list to ensure that it continues to meet the high level of standard we expect,” the Binance team stated. “When a coin or token no longer meets this standard, or the industry changes, we conduct a more in-depth review and potentially delist it.”
Amid the crackdown against Tornado Cash, associated addresses, contributing developers, and anyone who uses the mixing platform, the project’s governance token called TORN has shuddered in value. TORN is an ERC20 with a fixed supply that is leveraged for governance proposals and voting. During the last seven days, the Tornado Cash governance token has lost […]
Widely used coin mixing service Tornado Cash says it will block ETH addresses linked to North Korean hackers and other sanctioned addresses. According to Tornado Cash, ETH addresses sanctioned by the Office of Foreign Assets Control (OFAC) will be blocked from being able to access the service using a tool from blockchain intelligence firm Chainalysis. […]
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