Tornado Cash Ethereum Token Clash – Token Value Goes Down Over 50%

Since the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) blacklisted Tornado Cash , this token price has seriously dropped by a total of 56%. Starting at a high of $31.56, reaching the lowest yet at $13.09, according to CoinMarketCap.

Tornado Cash (TORN) is an ERC20 token. It is also the native token of the Tornado Cash DAO, which was used to manage governance and voting. With a $15.5 million market value, it is presently the 691st most valuable cryptocurrency.

The Tornado Cash website was taken offline by Github after the US Treasury announced its penalties and the price of the token dropped as a result.

The group’s Discord server vanished after a discussion within the Tornado Cash community, and unidentified individuals also took the forum on the community website offline. At the same time, Dutch law authorities detained a member of the team of developers who created Tornado Cash.

They arrested the developer of tornado cash.

I repeat: a man was arrested for writing code that served as a public good for people to maintain their privacy online.

They put a man in jail because bad people used his open source code.

This cannot stand in any free society.

— RYAN SΞAN ADAMS – rsa.eth (@RyanSAdams) August 12, 2022