Tornado Cash Governance Token TORN Shudders More Than 57% Since the US Government Ban
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 is an ERC20 with a fixed supply that is leveraged for governance proposals and voting. During the last seven days, the Tornado Cash governance token has lost 57.6% in value against the U.S. dollar.
Tornado Cash Token Loses 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 is an ERC20-based token that was launched in February 2021, and 5% of the supply was airdropped to users who had leveraged the mixing application before the snapshot.
There’s approximately 1,511,065 TORN tokens and 500,000 TORN was airdropped to the Tornado Cash community. Since the U.S. government cracked down on Tornado Cash and banned the mixing application alongside associated ETH-based addresses, TORN has taken a severe market beating.
TORN has seen $43.4 million in global trade volume and a lot of it stems from selling. Popular crypto exchanges that list TORN include Binance, Bingx, and Bitget. 69.93% of all TORN trades today are paired against USDT, which is followed by BUSD (24.73%), BTC (3.92%), WETH (1.18%), and USDC (0.24%).
Additionally, 30% of the TORN stash was reserved for devs and contributors, and vested for a three-year linear vesting period with a one-year cliff. TORN is down 97.2% from the crypto asset’s all-time high on February 13, 2021.
TORN tapped an all-time low hours ago on Saturday morning (EST) hitting 11.81 per unit on August 13. If the TORN market rout continues, vested stashes of the ERC20 will be worth less and less as time passes. The U.S. government’s sanctions against the mixer Tornado Cash may cause TORN investors to continue dumping after losing faith in the project.
What do you think about the tornado cash (TORN) coin losing significant value this past week? Let us know what you think about this subject in the comments section below.