The Treasury Department’s Financial Stability Oversight Council (FSOC) is weighing in on crypto assets and their potential to affect the traditional financial structure of the US. The council, which was formed by the Dodd-Frank Act to help identify financial stability risks in the United States, says that crypto assets such as stablecoins may compromise the […]
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The U.S. Treasury Department is asking the public for their opinions on how to handle the potential risks of crypto assets. In a newly published document, the Treasury Department is asking the general population how they feel about the illicit use of crypto assets and what steps can be taken to curb them. The Department […]
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The Treasury’s Office of Foreign Asset Control (OFAC) has published a specially designated nationals list update (OFAC’s SDN List) that lists a number of individuals accused of being involved with Iran-related ransomware. The list further shows seven bitcoin addresses that are allegedly associated with the Iranian ransomware gang. Iran Adds 7 New Bitcoin Addresses to […]
A House committee has sent letters to four U.S. federal agencies and five cryptocurrency exchanges asking for information about what they are doing to combat cryptocurrency fraud and scams. Congress Questions Regulators and Crypto Exchanges The House Committee on Oversight and Reform sent letters to four U.S. federal agencies and five crypto exchanges on Tuesday […]
The suspected developer of recently-banned crypto mixer Tornado Cash is reportedly being arrested in Amsterdam over an alleged money laundering scheme. According to a new press release by Fiscal Information and Investigate Service (FIOD), the financial crimes branch of the Dutch government, an unnamed man has been taken into custody for supposedly concealing money laundering […]
The post Suspected Developer of Crypto Mixer Tornado Cash Arrested in Netherlands for Alleged Money Laundering appeared first on The Daily Hodl.
According to a statement from the Dutch Fiscal Information and Investigation Service (FIOD), law enforcement officials in Amsterdam arrested an unnamed 29-year-old suspected of developing the ethereum mixing application Tornado Cash. FIOD accuses the suspect of “concealing criminal financial flows and facilitating money laundering through the mixing of cryptocurrencies.” Netherlands Law Enforcement Takes Suspected Tornado […]
TORN is near a historically strong support range, eyeing a 75% rebound by September 2022.
Tornado Cash (TORN) has lost almost half its market valuation two days after being slapped with sanctions by the U.S. Treasury Department.
The department accused Tornado Cash, a crypto mixer platform, of laundering more than $7 billion in cryptocurrencies, including a stash of $455 million allegedly stolen by North Korea-based hackers.
Immediate reactions were followed by U.S.-based crypto companies, including Circle and Coinbase. In a controversial move, the popular crypto firms blocked the movements of their jointly-issued stablecoin USDC tied to Tornado Cash's blacklisted smart contracts.
The news prompted traders to limit their exposure to TORN, Tornado Cash's native token.
On the daily chart, TORN's price has slipped by approximately 45% since the Justice Department's notice about Tornado Cash, to reach $18.50 on Aug. 10. By contrast, the valuation of all the crypto assets had plunged merely 6% in the same timeframe.
Interestingly, TORN's selloff accompanied a spike in daily trading volumes, suggesting momentume.
The downside move has pushed TORN price near a critical technical support.
Related: Anonymous user sends ETH from Tornado Cash to prominent figures following sanctions
TORN has been testing its $15-$18 range for a potential rebound due to its historical relevance as support. Notably, in January and June earlier this year, this level served as a springboard for TORN price to jump 275% and 100%, respectively.
Therefore, a potential rebound move from the range could have TORN tes $32.50 as its next upside target, which coincides with the 0.236 Fib line as shown above. In other words, a 75% recovery by September 2022
On the other hand, a breakdown below the support range sends TORN's price to new record lows.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
