TORN Crypto Price Collapses More than 24 Percent After Tornado Cash Developers Taken Off in the Netherlands

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The price of Tornado Cash's native cryptocurrency, TORN, has depreciated more than 24 percent, after its developer was arrested.

Previously, Tornado Cash had come into the spotlight after US authorities blacklisted it, barring all entities and businesses from engaging in, or providing exposure to, it.

Tornado Cash is a decentralized, non-custodial privacy solution built on top of the Ethereum network. This allows for untraceable transactions, which are aimed at privacy lovers, but are widely used by crypto criminals to disguise their loot.

This is why the service was banned by US authorities, which has become a matter of controversy because Tornado Cash is not an individual or a business, but a service tool. This is the first time the US has sanctioned a service tool.

Crypto Tornado Cash Price Collapses

According to a Bitcoinist report, the price of the TORN token has depreciated greatly, more than 24 percent, after its developer was arrested in the Netherlands.

Together with the sanctions imposed on the service, the price of the TORN token has continued to sag, a sign that investors are starting to worry about the service becoming completely unusable in the future. In fact, since printing ATH on February 13, 2021, the token price has fallen by more than 95 percent.

Things heated up after the US Treasury Department blacklisted Tornado Cash, because it was claimed to have been used to launder $7 billion in illegally acquired assets.

The service has also been used by a North Korean hacking organization, in connection with a cyberattack that cost the leading blockchain game, Axie Infinity, US$625 million, as well as other crypto-related cybercrimes.

After being penalized, access to this service is also blocked, so the channels on Discord and GitHub can no longer be used.

The US Treasury Department's Fiscal Information and Investigations Service (FIOD) has also stated that criminal investigations into the privacy service began in June 2022.

In addition to Tornado Cash, US authorities have also blacklisted a similar service, namely Blender. That was after Blender was accused of being used to launder $21 million worth of crypto assets from the Ronin Bridge hack, which is still linked to the Axie Inifinity game.

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