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Tornado Cash Ethereum Token Down Over 50 After Sanctions

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Within the week following the sanctioning of the Twister Money web site by the U.S. Treasury Division’s Workplace of International Property Management (OFAC), the value of the token underpinning the system is down 56%, beginning the week at a excessive of $31.56 and ending the week at a low of $13.09, in keeping with CoinMarketCap.

Twister Money (TORN) is an ERC20 token and the native token of the Twister Money DAO, used to handle governance and voting. It’s at the moment the 691st largest cryptocurrency, with a market capitalization of $15.5 million.

After the U.S. Treasury issued its sanctions and Github took the Twister Money web site offline by eradicating its repository from the location, the token value started to slip.

Launched in 2019, Twister Money is a blockchain protocol for sending and receiving nameless transactions by mixing Ethereum tokens with a pool of different tokens, anonymizing the consumer.

In its sanctioning of Twister Money, the U.S. Treasury cited its use by the North Korean hacker group Lazarus Group and the laundering of over $103.8 million from the hacks of the Horizon Concord Bridge and Nomad Token Bridge earlier this summer time.

Following a debate by the Twister Money group, the Discord server for the group disappeared, and unknown individuals took the discussion board on the Twister Money group web site offline as nicely. On the similar time, a member of the developer group behind Twister Money was taken into custody by regulation enforcement within the Netherlands.

The U.S. Treasury’s Fiscal Data and Investigation Service (FIOD) stated its felony investigation into Twister Money started in June 2022.

This crypto winter seems to be particularly harsh for the Twister Money group. Coupled with the present bear market, sanctions, shutdowns, and arrests appear to have dealt a physique blow to the mission as holders proceed to flee.

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#Twister #Money #Ethereum #Token #Sanctions

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