TORN Token Price Plummets 60% After Binance Delisting Announcement
The price of the TORN token, the native cryptocurrency of the decentralized coin mixing protocol Tornado Cash, plummeted by more than 60% within an hour on Monday after Binance, the world's largest cryptocurrency exchange, announced that it would delist the token.
The delisting news came just hours after the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) sanctioned Tornado Cash, alleging that the protocol had been used to launder money for North Korea and other criminal actors.
As a result of the sanctions, Binance said that it would no longer support TORN deposits or withdrawals. The exchange also said that it would freeze the accounts of any users who hold TORN tokens.
The delisting and sanctions news sent shockwaves through the cryptocurrency market, causing the price of TORN to plummet from around $0.0037 to around $0.0003 within a matter of minutes.
The price of TORN has since recovered somewhat, but it is still trading down more than 50% from its pre-delisting price.
What is Tornado Cash?
Tornado Cash is a decentralized coin mixing protocol that is designed to enhance the privacy of cryptocurrency transactions. The protocol works by mixing together a large pool of cryptocurrencies, making it difficult to trace the origin of any individual transaction.
Tornado Cash has been criticized by some for its potential to facilitate money laundering and other criminal activity. However, the protocol's supporters argue that it is a valuable tool for protecting the privacy of cryptocurrency users.
What does the future hold for TORN?
The future of TORN is uncertain. The delisting from Binance and the sanctions from OFAC are a major blow to the protocol, and it is unclear whether it will be able to recover.
Only time will tell what the future holds for TORN. However, the delisting from Binance and the sanctions from OFAC are a stark reminder of the risks associated with using privacy-focused cryptocurrencies.
