{"id":504807,"date":"2022-10-04T12:45:36","date_gmt":"2022-10-04T12:45:36","guid":{"rendered":"https:\/\/wncen.com\/?p=504807"},"modified":"2022-10-04T12:30:53","modified_gmt":"2022-10-04T12:30:53","slug":"tornado-cash-sees-drop-in-activity-after-sanctions","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/tornado-cash-sees-drop-in-activity-after-sanctions\/","title":{"rendered":"Tornado Cash Sees Drop In Activity After U.S. Treasury Sanctions – What Now For TORN?"},"content":{"rendered":"

The value of Tornado Cash is decreasing, not due to market factors but because of\u00a0recent controversies. The Office of Foreign Assets Control recently\u00a0added Tornado Cash to its list of Special Designated Nationals. That means no one from the United States may use the token.<\/p>\n

By taking this action, OFAC has effectively banned Tornado Cash from participating in one of the most important cryptocurrency markets.<\/p>\n

Many owners of Tornado Cash’s native coin, TORN, also liquidated their investments in response to the news. From its high closing of $30.25 on August 7th, TORN has fallen 87.03% to its current price.<\/p>\n

Related Reading: Chainlink Crosses $6.18 Trillion In Transaction Value \u2013 Will This Boost LINK Price?<\/a><\/div>\n

Tornado Cash Linked To Nefarious Activities<\/strong><\/h2>\n

Even before the OFAC decided to add Tornado Cash to its special list, TORN\u00a0had been linked to multiple high-value crypto crimes.<\/p>\n

The Lazarus Group, perpetrators of one of the largest crypto thefts in history, employed TORN as part of their plot to conceal the true origin of their stolen funds. The breach was carried out on the Ronin Network, an Ethereum-based sidechain.<\/p>\n

In March of 2022, the network hosted game Axie Infinity, which saw its highest player count. Because of this, malicious actors like the Lazarus Group were able to zero in on the system and the game with relative ease. The theft led to the loss of 173,600 Ether and 25.5 million USDC.<\/p>\n

The total dollar amount is $625,000,000. Later this year, the OFAC will penalize the project and all connected wallets due to this attack.<\/p>\n

\"\"<\/p>\n

Chart: TradingView.com<\/a><\/pre>\n
Sanctions Deal A Heavy Blow On TORN<\/strong><\/h2>\n
It is hardly surprising that criminal actors have used Tornado Cash to launder stolen cryptocurrency. In the DeFi domain, mixers are special programs that ostensibly enhance privacy by blending transactions, so obscuring the money’s path from point A to point B.<\/p>\n
In 2019, more than\u00a0$7 billion worth of cryptocurrency was laundered using Tornado Cash, according to a U.S.\u00a0Treasury Department report.<\/p>\n
As of this writing, the sanctions have a significant impact on TORN. According to a source, there are currently only 100 unique users on the network.<\/p>\n
After the announcement of the sanctions, transactions in excess of $100,000 became practically nonexistent.<\/p>\n
TORN is trading just above the 38.20% Fib retracement level at the moment. This level will support the price of the crypto\u00a0due to the close correlation between the buying and selling quantities of bulls and bears.<\/p>\n
As the sanction dismantles the project, it is only a matter of time till it hits zero.<\/p>\n
Related Reading:  Cardano: These Factors Have A Negative Impact On ADA Price<\/a><\/div>\n
<\/p>\n
Crypto total market cap at $918 trillion on the daily chart | Source: TradingView.com<\/a>\r\n\r\nFeatured image from The Daily Hodl, Chart: TradingView.com<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"
The value of Tornado Cash is decreasing, not due to market factors but because of\u00a0recent controversies. The Office of Foreign Assets Control recently\u00a0added Tornado Cash to its list of Special Designated Nationals. That means no one from the United States may use the token. By taking this action, OFAC has effectively banned Tornado Cash from participating in one of the most important cryptocurrency markets. Many owners of Tornado Cash’s native coin, TORN, also liquidated their investments in response to the news. From its high closing of $30.25 on August 7th, TORN has fallen 87.03% to its current price. Related Reading: Chainlink Crosses $6.18 Trillion In Transaction Value \u2013 Will This Boost LINK Price? Tornado Cash Linked To Nefarious Activities Even before the OFAC decided to add Tornado Cash to its special list, TORN\u00a0had been linked to multiple high-value crypto crimes. The Lazarus Group, perpetrators of one of the largest crypto thefts in history, employed TORN as part of their plot to conceal the true origin of their stolen funds. The breach was carried out on the Ronin Network, an Ethereum-based sidechain. In March of 2022, the network hosted game Axie Infinity, which saw its highest player count. Because of this, malicious actors like the Lazarus Group were able to zero in on the system and the game with relative ease. The theft led to the loss of 173,600 Ether and 25.5 million USDC. The total dollar amount is $625,000,000. Later this year, the OFAC will penalize the project and all connected wallets due to this attack. Chart: TradingView.com Sanctions Deal A Heavy Blow On TORN It is hardly surprising that criminal actors have used Tornado Cash to launder stolen cryptocurrency. In the DeFi domain, mixers are special programs that ostensibly enhance privacy by blending transactions, so obscuring the money’s path from point A to point B. In 2019, more than\u00a0$7 billion worth of cryptocurrency was laundered using Tornado Cash, according to a U.S.\u00a0Treasury Department report. As of this writing, the sanctions have a significant impact on TORN. According to a source, there are currently only 100 unique users on the network. After the announcement of the sanctions, transactions in excess of $100,000 became practically nonexistent. TORN is trading just above the 38.20% Fib retracement level at the moment. This level will support the price of the crypto\u00a0due to the close correlation between the buying and selling quantities of bulls and bears. As the sanction dismantles the project, it is only a matter of time till it hits zero. Related Reading: Cardano: These Factors Have A Negative Impact On ADA Price Crypto total market cap at $918 trillion on the daily chart | Source: TradingView.com Featured image from The Daily Hodl, Chart: TradingView.com<\/p>\n","protected":false},"author":557,"featured_media":504816,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,6664,87083,87084,87082,86642],"class_list":["post-504807","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-crypto","tag-lazarus-group","tag-ofac","tag-torn","tag-tornado-cash"],"acf":[],"yoast_head":"\nTornado Cash Sees Drop In Activity After U.S. Treasury Sanctions - What Now For TORN?<\/title>\n<meta name=\"description\" content=\"The value of Tornado Cash is decreasing, not due to market factors but because of\u00a0recent controversies. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Tornado Cash Sees Drop In Activity After U.S. Treasury Sanctions – What Now For TORN?","url":"http:\/\/wncen.com\/news\/tornado-cash-sees-drop-in-activity-after-sanctions\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/tornado-cash-sees-drop-in-activity-after-sanctions\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/torn.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/torn.png?fit=773%2C385"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","crypto","lazarus group","ofac","torn","tornado cash"],"dateCreated":"2022-10-04T12:45:36Z","datePublished":"2022-10-04T12:45:36Z","dateModified":"2022-10-04T12:45:36Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Tornado Cash Sees Drop In Activity After U.S. Treasury Sanctions – What Now For TORN?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/tornado-cash-sees-drop-in-activity-after-sanctions\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/tornado-cash-sees-drop-in-activity-after-sanctions\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/10\\\/torn.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/10\\\/torn.png?fit=773%2C385\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"crypto\",\"lazarus group\",\"ofac\",\"torn\",\"tornado cash\"],\"dateCreated\":\"2022-10-04T12:45:36Z\",\"datePublished\":\"2022-10-04T12:45:36Z\",\"dateModified\":\"2022-10-04T12:45:36Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/torn.png?fit=773%2C385","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/504807"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=504807"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/504807\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/504816"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=504807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=504807"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=504807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}