Tornado Cash’s TORN Token Surges 10%

An unknown attacker or group took over the DAO in charge of managing the privacy-focused cryptocurrency mixer Tornado Cash over the weekend, compromising its operations, resources, and future ambitions.

The attacker introduced a malicious proposal with covert code during the incident, enabling them to produce phoney votes. These votes can now be used to affect how Tornado Cash operates, such as how torn (TORN) tokens that are kept in the main governance contract are handled or how locked torn tokens are withdrawn.

Following this attack, the price of TORN plummeted by over 40%. However, there have been some updates from the attackers, which sent the price of TORN up by 10%.

Attackers on Tornado Cash made a suggestion -

Following the filing of a proposal by a wallet address linked to a recent attack on the decentralised autonomous organization's (DAO) governance state, the Tornado Cash token (TORN) saw a 10% spike. The plan tries to undo the malicious modifications that were done during the attack.

In the community forum, user Tornadosaurus-Hex stated that the attacker is most likely to carry out the attack because they recently filed a new request to restore governance.

According to Tornadosaurus-Hex, the attacker intends to reset the TORN tokens they obtained, which gave them a sizeable share of the governance votes, to zero.

Following these upgrades, TORN's price increased by 10% and is now $4.77, according to statistics from CoinGecko. Prior to dropping to its present level, the price reached a 24-hour high of $4.92. The last seven days have seen a 24% decline in TORN. On May 20, 2023, the token reached a high of $7.16 in trade. However, the most recent onslaught has had an impact on the price, which has sharply fallen.

Reference - https://coinpedia.org/news/tornado-cashs-torn-token-surges-10-amidst-proposal-to-reverse-recent-attack/