Tornado Cash (TORN) Plunge Over 50% After Police Arrested The Developers

When it comes to investing, human emotions are nothing new. A token that was once valued at over $60 this year is now trading at just $12.74. This is undoubtedly a result of the sanctions imposed on it, which have sent people scrambling to protect their interests. Since everyone is selling due to the fire on the mountain and the majority of the Tornado Cash-related media has been going offline, a significant decline in the token's value is to be predicted.

The tornado Cash creator was taken into custody a few hours ago. This event is starting to resemble the Silk Road event everywhere, but it's a little different this time. The Silk Road incident is an example of a platform that was made specifically for engaging in criminal activity. It was a black market website made exclusively for the sale of illicit goods. Therefore, it was somewhat understandable when the website's creator was detained, but with tornado cash, things are different. An open source code was developed with the purpose of hiding privacy, but thieves chose to use it.

Returning to its price, the tornado cash project token's all-time high price was $436, which was fantastic considering its very low availability. The market cap of the tornado cash token, TORN, which has a supply of 10.5 million units and a current price of $12.74, puts it at a very low position on the list of tokens with the highest market capitalizations. It is currently ranked at #718

But since hackers use the platform to commit fraud, which is understandable to be reasonably wrong, the United States concentrated more on its negative use than its positive use. However, they should hate on the criminals using it for criminal purposes.

Is this the end of Tornado Cash? The majority of online services connected to the project have been taken offline for the safety of those involved. Well, I don't know, I think a price drop of more than 50% is still a significant drop; many projects would have lost more than 90% of their funding if they had experienced the same issue. People are fighting to defend the project and the arrested developers' freedom because it isn't their fault that their technology was used for something bad. I'll stay in a corner and watch the proceedings in case there is a massive uproar after the project argues that the use of its technology by criminals was not their fault.

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_{https://www.theverge.com/2022/8/12/23298217/tornado-cash-crypto-mixer-crackdown-authorities-arrest-suspected-developer-amsterdam}

_{https://www.google.com/amp/s/decrypt.co/107314/dutch-police-arrest-alleged-tornado-cash-dev-more-arrests-not-ruled-out-financial-crimes-unit%3famp=1}