Tornado Cash Governance Token TORN Shudders More Than 57% Since the US Government Ban

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.

Timeline of Torn

CryptoSlate spoke exclusively with a member of the Tornado Cash team who has been granted anonymity for their own protection and will be referred to as “TC Member” for the sake of this article. The post Tornado Cash contributor reveals DAO shut down as it “can't fight the US”, need to keep contributors safe appeared first on CryptoSlate.

Following an announcement dated 8 August, the Office of Foreign Assets Control (OFAC) barred U.S. residents from using Tornado Cash. By doing so, the agency added it to its Specially Designated Nationals list.

TORN, the token of Tornado Cash, plummeted by nearly a quarter in the last 24 hours after Dutch authorities arrested a suspected developer for the crypto transaction mixing protocol in Amsterdam on Friday.

The arrest of a Tornado Cash developer in the Netherlands just days after U.S. authorities blacklisted the crypto mixing service for its alleged use by North Korean hackers could have a profound impact on all of decentralized finance. Dutch prosecutors on Friday (Aug.

A 29-year-old man was detained by Dutch officials in Amsterdam on suspicion of aiding in the concealment of illicit financial flows and the facilitation of money laundering through the cryptocurrency service Tornado Cash. What Happened: One of the service's developers, Alexey Pertsev, was arrested on Aug. 10, according to a statement released on Friday by the Dutch Fiscal Information and Investigating Service (FOID).

Tornado Cash (TORN), a decentralised crypto mixer platform built on top of Ethereum (ETH/USD) has seen its price fall significantly over the past 24 hours following the arrest of Alexey Pertsev, a developer associated with the platform.

Barely two days after the U.S. Treasury Department blacklisted Tornado Cash, Dutch authorities arrested a 29-year-old man suspected of developing the decentralized crypto-mixing service.

On Wednesday, the Netherlands Crime Agency (FIOD) arrested a 29-year-old man in Amsterdam suspected to be the developer of Tornado Cash, which was recently sanctioned by the U.S. Treasury. The post Dutch Cops Arrest 29-Year-Old Suspected Tornado Cash Developer appeared first on BeInCrypto.

Crypto execs said the arrest of a suspected Tornado Cash developer may have ‘huge consequences' for the industry. The post ‘Dangerous' precedent: crypto execs slam arrest of suspected Tornado Cash developer appeared first on The Block.

The Tornado Cash DAO has voted to add its governance to the multisig set of its treasury wallet over arrests and de-platforming fears. The post Tornado Cash DAO votes to take partial control over treasury funds appeared first on The Block.