Tornado Cash developer Alex Pertsev has returned to Twitter following his release from prison in the Netherlands.

“Sorry I was afk for a while, what did I miss?” he wrote. 

Alex Pertsev, the Tornado Cash developer arrested in August 2022, is back on Twitter.

Pertsev was released from prison on April 26, as previously reported by The Block, and is subject to ankle bracelet monitoring. The Dutch courts had shot down previous efforts to secure Pertsev's release. 

Pertsev was arrested in the days after the U.S. government sanctioned Tornado Cash, an Ethereum-based transaction mixer frequently used to launder stolen coins. 

Law enforcement authorities worldwide have long targeted transaction mixers and most recently seized $46 million in bitcoin as part of an operation against a service called ChipMixer. 

Pertsev's arrest and subsequent incarceration drew some criticism on the grounds that Pertsev shouldn't be penalized for developing open-source code. The incident also raised questions about the future of law enforcement actions against distributed protocols like Tornado Cash.

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The hacker who took control of Tornado Cash gave up control of this protocol. But used it to disguise the funds withdrawn in the attack

The hacker who seized control of cryptomixer Tornado Cash gave up control of the service. But he used the protocol to launder digital tokens from the attack. That’s what Bloomberg writes, citing data from research firm Nansen.

The Tornado Cash project was attacked on the morning of May 20. The attacker was able to gain full control of the cryptomixer’s control. He issued 483,000 native tokens of the TORN protocol. And that gave him a majority vote in the control system.

On May 26, the hacker offered to call off his attack and return control to the Tornado Cash community. But while the protocol was under his control, he exchanged most of his tokens for Ethereum coins. And then laundered about $900,000 in them through Tornado Cash.

Our experts note that the price of TORN was around $6.4 before the hack. By May 29, it was down to $4. According to CoinMarketCap, the token has fallen in price by 37% since the hack, and by 10% in the last 24 hours.

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Tornado Cash token (TORN) is trading on a negative 13% in today’s trade session, canceling its previous day’s gains and rally, which saw the token rise close to the $12 mark. Coinmarketcap data reveals the token to be trading at $8.77 at the time of writing, a significant drop from where it was in price yesterday.

The TORN token and its decentralized mixing service platform became controversial when its developer, Alexey Pertev, was arrested mid-last year allegedly for money laundering. However, news about the possible jail release of Alexey circulated the industry yesterday, April 20, and created a rally for the TORN token.

Tornado Cash Developer Set To Be Released On This Date

According to a recent report, the developer of the TORN token, Alexey Pertev, is expected to be released on April 26, 2023, after spending nine months in detention without trial.

The news of his potential release came yesterday when the crypto markets were declining. However, the Tornado Cash token reacted to the news of Alexey’s release and defied market conditions by displaying bullish price action.

While the rally drew investors’ attention, the token could not continue its upward movements today despite positive price speculations by crypto experts and analysts.

Alexey Pertev, who is set to be released next Wednesday, will await trial from his home as ruled by a court in the Netherlands.

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Upon his release, electronic monitoring devices such as an ankle bracelet will be installed on him and other monitoring devices in his home, according to the report.

At the time of writing, the TORN token is currently ranked among the top 3 losers in the cryptocurrency market. Alexey Pertev’s release date is approaching, and we may witness Tornado Cash reacting in price as it did with the news about his release.

 

Bitcoin Price Impact On TORN Token

Bitcoin is on its 3-day bearish candle, failing to break the resistance slightly above the $30,000 price region. BTC price lost momentum after its previous week’s rally and failed to hold the key support level at $29,200.

Today’s trading session saw Bitcoin falling below $28,000 after it failed to hold $28,600 key support. BTC price fell to a 24-hour low of $27,815 but is now slightly back above the $28,000 price region.

Some Altcoins, including the Tornado Cash token, have brutally suffered from the Bitcoin price dump and are still yet to recover. However, a healthy recovery for Bitcoin price will be a good turning point for Tornado Cash as Altcoins are known to react to BTC price movements.

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In a shocking turn of events, Tornado Cash DAO, a decentralized autonomous organization focused on privacy-enhancing solutions for blockchain transactions, recently fell victim to a malicious attack. The assailant exploited vulnerabilities in the voting system, effectively taking control of the DAO through vote fraud. This breach of security had severe repercussions, with the value of the Tornado Cash token plummeting by a staggering 40%. In this article, we delve into the details of the attack, its implications, and the potential aftermath for Tornado Cash and the wider cryptocurrency community.

The Tornado Cash DAO Vote Fraud Attack:

The Tornado Cash DAO, built on the Ethereum blockchain, operates through a decentralized governance model where token holders have voting rights in decision-making processes. This structure empowers community members to collectively determine the future direction of the project. However, this democratic framework proved vulnerable to exploitation when an attacker orchestrated a sophisticated vote fraud attack.

The assailant, leveraging their knowledge of the DAO's inner workings, exploited loopholes within the voting system. By strategically manipulating the voting mechanisms, they managed to accumulate a significant number of votes in their favor. This cunning manipulation ultimately granted them control over the DAO's operations and decision-making.

Implications and Impact:

The repercussions of this attack were felt immediately, sending shockwaves through the Tornado Cash community and the wider cryptocurrency ecosystem. The swift decline in the value of the Tornado Cash token was a direct consequence of the attacker gaining control over the DAO.

Investors and token holders experienced a substantial loss as the token's value plummeted by 40%. The attack eroded confidence in Tornado Cash's security measures and governance structure, prompting concerns among users and potential investors alike. Moreover, the incident served as a reminder of the ever-present risks within the decentralized finance (DeFi) space, where vulnerabilities can be exploited by determined adversaries.

Response and Recovery Efforts:

In the wake of the attack, the Tornado Cash team swiftly responded, initiating a thorough investigation into the security breach. They collaborated with security experts and auditors to identify the vulnerabilities exploited by the attacker. Additionally, they launched a public disclosure to keep the community informed and to gather any additional information that could aid in the investigation.

The team's primary focus has been to rectify the security flaws and reinforce the DAO's governance mechanisms to prevent such attacks in the future. This includes enhancing voting protocols, implementing additional security layers, and leveraging external audits to identify potential weaknesses.

Rebuilding Trust and Future Outlook:

Recovering from such an attack is no small feat. Tornado Cash faces the arduous task of rebuilding trust within its community and restoring confidence in its platform. Transparent communication, robust security measures, and the successful implementation of preventative measures will be critical in achieving this.

Tornado Cash's response to the incident will also be closely observed by the wider DeFi community. Incidents like these serve as valuable lessons for projects aiming to foster decentralized governance and strengthen security protocols. The successful recovery of Tornado Cash will contribute to the maturation and resilience of the DeFi ecosystem as a whole.

Conclusion:

The vote fraud attack on Tornado Cash DAO, resulting in the attacker seizing control and a 40% decline in token value, highlights the inherent risks faced by decentralized organizations. As the cryptocurrency industry continues to evolve, safeguarding against such attacks becomes paramount. Tornado Cash's response and recovery efforts will play a vital role in not only protecting its own ecosystem but also in shaping the future of decentralized finance. This incident serves as a powerful reminder that vigilance, continuous improvement, and robust security measures are necessary to ensure the long-term success and viability of decentralized systems.

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