Significant Drop in Tornado Cash Price
Binance, the popular cryptocurrency exchange, has announced the removal of the Tornado Cash token, which has resulted in a significant decrease in its price. As of now, the Tornado Cash price has dropped by 50.76% compared to its value just 24 hours ago.
Reasons for Delisting
Binance stated that regular reviews are conducted on crypto tokens to ensure compliance with standards. While the specific reason for delisting Tornado Cash was not provided, it was mentioned that it was among several tokens being removed from the exchange.
“At Binance, we periodically review each digital asset we list to ensure that it continues to meet the high level of standard we expect. When a coin or token no longer meets this standard, or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all our users.”
Tokens Delisted Alongside Tornado Cash
The four tokens that were delisted alongside Tornado Cash are BitShares (BTS), PERL.eco (PERL), Tornado Cash (TORN), and Waltonchain (WTC).
Previous Challenges Faced by Tornado Cash
This isn’t the first time that the price of Tornado Cash has experienced a steep decline in 2023. In May, there was a drop of over 30% after a hacker hijacked its governance and stole over 480,000 from its vault. There were also allegations that the hacker dumped their profits into the Tornado Cash mixer.
Tornado Cash has also faced controversies due to its frequent use by crypto hackers and being sanctioned by the US Treasury’s Office of Foreign Asset Control (OFAC) in August 2022.
Hot Take: Tornado Cash Faces Delisting and Price Plummet
The removal of Tornado Cash from Binance has led to a significant drop in its price. This is not the first time that the token has faced challenges, with previous incidents of hacking and controversies surrounding its use by crypto hackers. The delisting decision by Binance highlights the exchange’s commitment to maintaining high standards and protecting its users. It remains to be seen how this development will impact the future of Tornado Cash and whether it will be able to recover from this setback.
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