Tornado Cash Token Falls 50% After Sanction

Human sentiments is not something new when it comes to investment, a token that was once above $50 some days ago is down maintaining a price at $13. This is obviously because of the sanction placed on it, which has got people running and trying their best to safe guard their investments. Everyone is selling because there is fire on the mountain, most of the media associated with Tornado cash has been going offline, so it’s expected for the the value of the token to tank that hard.

Some few hours ago the tornado cash developer was arrested. This is seeming like the Silk Road event all over but this time it’s a little different. The Silk Road event was a case of a platform whose creation was solely created for illegal activities. It was a black market websites created for the sole purpose of selling illegal things. So it was kind of understandable when the creator of the website was arrested, but with tornado cash it’s different. An open source code was created for a good reason to mask privacy but criminals decided to utilize it.

Back to its price, the all time high price of tornado cash was at $436 which was great for a project token with quite a limited number of supply. The available supply for tornado cash token, TORN, is 10.5 Million, with the current price of tornado cash $13.5, the market cap is at over $13 Million making its position in the market cap list really low. It’s position is at 705.

The United States focused on its negative use more than its positive use, because hackers use the platform to launder money, which is understandable to be reasonably wrong but they should hate on the criminals using it for criminal use.

For the sake of the people associated with the project security reasons, most of the online services associated with the project have gone offline, is this the end of tornado cash? Well, I don’t know, more than 50% price fall in my opinion is still a strong fall, lots of projects would have been out more than 90% if they were facing the same problem. Well, people are fighting for the project and the arrested developers free right as it isn’t his fault that his technology was used for something bad, I will stay at a corner observing the case as a possible massive pump might come afterwards after the project defends itself that its technological use by criminal is not its fault.

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