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, an ERC20 token with fixed supply and leveraged to vote or make governance proposals, is called TORN. In the seven last days, Tornado Cash’s governance token suffered a 57.6% decline in value relative to the U.S. dollars.
The Tornado Cash Token has lost more than half of its value this week
It seems that everything Tornado Cash touched is tainted and during the last week, the project’s governance token tornado cash (TORN) has lost more than half of its USD value. TORN was an ERC20 token. It was released in February 2021. Users who have used the mixing application prior to the snapshot received 5% of its supply.
There’s approximately 1,511,065 TORN tokens and 500,000 TORN was airdropped to the Tornado Cash community. TORN’s market value has suffered since the U.S. Government cracked down on Tornado Cash. They banned mixing applications and associated ETH addresses.
TORN’s global trade volume has reached $43.4million. A lot of this is due to selling. Bingx and Bitget are some of the most popular crypto exchanges to list TORN. Today, 69.93% are traded against USDT. This is followed by BUSD (2.43%), BTC (3.92%), WETH (1.8%) and USDC (0.244%).
Devs and contributors were also entitled to 30% of TORN’s stash. They were vested for three years with a one year cliff and linear vesting. TORN is down 97.2% from the crypto asset’s all-time high on February 13, 2021.
TORN reached an all-time low of 11.81 units on August 13th (EST), hours before the EST. The ERC20’s vested reserves will lose value as the TORN market crashes continues. The U.S. government’s sanctions against the mixer Tornado Cash may cause TORN investors to continue dumping after losing faith in the project.
Do you have any thoughts on the significant loss in value of the Tornado Cash (TORN) currency this week? Please comment below to let us know your thoughts on this topic.
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