Tornado Cash Native Token Drops 50%

According to data from CoinGecko, the governance token for Tornado Cash, known as TORN, has experienced a significant decrease in value, dropping by more than 50% since November 26.

This decline coincided with the announcement by leading cryptocurrency exchange Binance that it would be removing TORN from its platform.

Tornado Cash is a protocol used for mixing various cryptocurrencies, and TORN is used for voting on proposals to improve the protocol.

The token’s value fell from $3.90 to $1.66 within a day, representing a 57% drop in price.

Binance’s decision to stop accepting TORN deposits on December 8 and no longer allow withdrawals after March 7, 2024 likely contributed to the decrease in value.

Additionally, the protocol faced legal issues when it was sanctioned by the United States Office of Foreign Asset Control on August 8 for allegedly facilitating money laundering, preventing US residents from using it.