In the crackdown against Tornado Cash, related addresses, contributing developers, and all who use the mixed platform, a project called TORN Governance tokens are shaking up in value; TORN is an ERC20 in constant supply and is utilized for governance proposals and voting. Over the past seven days, Tornado Cash governance tokens have lost 57.6% of their value against the US dollar.
Tornado Cash tokens lost more than half of their value this week
Everything Tornado Cash touches seems to be tainted, and within the last week, the project’s governor’s tokenTornado Cash (TORN)lost more than half of its USD value.TORN is an ERC20-based token, and 5% of the supply was airdropped to users utilizing the mixing application prior to the snapshot.
There were approximately 1,511,065 TORN tokens and 500,000 TORN airdropped to the Tornado Cash community. TORN has taken a severe market hit since the U.S. government cracked down on Tornado Cash and banned mixed applications along with related ETH-based addresses.
TORN has seen $43.4 million in global trading volume, much of which comes from selling; popular crypto exchanges that list TORN include Binance, Bingx and Bitget. 69.93% of all TORN trades today are paired against, paired against USDTand this is followed by BUSD (24.73%),BTC, BTC (3.92%), WETH (1.18%), USDC (0.24%).
Additionally, 30% of the TORN stash was set aside for developers and contributors for a 3-year linear vesting period with a 1-year cliff. TORNis down 97.2% from its all-time high for crypto assets on February 13, 2021.
TORN hit an all-time low of 11.81 per unit on August 13, a few hours before Saturday morning (EST.) If the TORN market crash continues, the vested ERC20 stash will become increasingly less valuable as time goes on. U.S. government sanctions against Mixer Tornado Cash could continue the dumping of TORN investors who have lost confidence in the project.
Image Credit: Shutterstock, Pixabay, Wiki Commons
