Torn token suddenly recovered 10%, as the hacker decided to hand over the token governance which was stolen by him via a malicious proposal code.
Tornado Cash is a popular Ethereum blockchain network-based crypto-mixing platform. In Aug 2022, the US OFAC imposed sanctions on this platform. Under the current laws of the US, no US citizen is allowed to use the Tornado platform. This platform is still accessible in non-US regions & also for American citizens via VPN.
On 21 May, the Tornado Cash platform suffered a hack attack. The attacker tricked the Tornado Cash governance vault via a malicious proposal & secured nearly 483,000 Torn tokens.
On 22 May, The hacker submitted a proposal to hand over the governance to the token holders again. Voting for this proposal will close on 26 May. People are 100% sure that the proposal will be passed successfully, as hackers hold the majority of the governance unethically.
Surely it is a good sign that the Tornado Cash platform will be back fairly on-line again but still, many experts noted that there are chances that a hacker is trying to trick & mislead the investigation.
A few crypto Twitter users noted that there are several changes that hackers will never execute the passed proposal or take several weeks to play a fear game with the crypto community.
Because of this news, Yesterday Tornado Cash’s native token Torn plunged badly by 27% within a few hours of the hack attack news.
Today, Torn token saw a 10% sudden recovery. The current trade price of Torn token is $4.64 & this trade price is 6.2% up over the last 24 hours’ trade price.
Binance on Tornado Cash hack
To keep the Binance customers away from the high rate of Torn token sell attacks, the Binance exchange suddenly suspended Torn token deposits on the Binance exchange.