Following the submission of a new proposal by the Tornado Cash hacker to regain control of the decentralized autonomous organization (DAO), the price of TORN experienced a significant recovery, surging by up to 10%. A member of the Tornado Cash forum expressed optimism about the likelihood of the hacker executing the proposal.
Tornado Cash Attacker Proposes To Give Back Control, TORN Price Spikes
After the Tornado Cash hacker submitted a fresh proposal to regain control of the decentralized autonomous organization (DAO), the price of TORN rebounded by up to 10%. A participant on the Tornado Cash forum expressed confidence in the hacker’s potential execution of the proposal.
According to the proposal, the attacker intends to nullify the TORN governance tokens they acquired during the Tornado Cash hack, resetting their value to zero. Voting for the proposal will conclude on May 26, and due to the significant number of TORN governance tokens held by the attacker, the proposal is expected to pass.
However, the timeline for executing the action remains uncertain. If the proposal is successful, the integration made by the hacker into Tornado Cash, which granted them control over the DAO through stolen voting powers, will be reverted to the original token holders.
Despite the news of the hacker’s proposal, many users maintain skepticism regarding its genuineness. Some speculate that the hackers might be attempting to inflate the token’s price through such announcements.
Consequently, the Tornado Cash token experienced a surge of approximately 10% upon the news, but its price swiftly declined thereafter. As of the time of writing, TORN is being traded slightly above $2.5, reflecting a nearly 3% decrease in the past hour. Following the hack, the TORN price had previously plummeted by as much as 50% the day before.
As a precautionary measure, several cryptocurrency exchanges, including Binance, temporarily halted TORN deposits after the news of the hack emerged on May 21.
Our previous article about Tornado Cash Attack: Tornado Cash DAO Taken Over By Attackers And Token Price Drops By 40
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