Binance suspends $Torn deposit following the attack news on Tornado Cash governance vault

By Michael On May 21, 2023

A hacker attacked the Tornado Cash governance vault & secured nearly 483,000 Torn tokens.

Tornado Cash is a popular Ethereum blockchain powered crypto mixingxing platform. Torn is the native token of the Tornado Cash platform. In 2022, The US OFAC body imposed sanctions on this platform for American citizens & also detained one of the developers of this platform.

On 20 May 2023, A hacker attacked the Tornado Cash governance system via a malicious proposal.

On 2023/05/20 at 07:25:11 UTC, Tornado Cash governance effectively ceased to exist. Through a malicious proposal, an attacker granted themselves 1,200,000 votes. As this is more than the ~700,000 legitimate votes, they now have full control.https://t.co/nY87XmrYgT pic.twitter.com/h9qjc3xRqz
— @samczsun.com (@samczsun) May 20, 2023

Through this hack attack, hacker(s) successfully hijacked the Tornado Cash governance system. With this hack attack, the hacker grabbed nearly 483,000 Torn tokens.

So far, the attacker sold 379,300 TORN for 375 ETH & also tried to sell on other centralized exchanges like Bitrue, etc.

The Tornado Cash attacker obtained a total of 483,000 TORN from the Tornado Cash governance vault, and has deposited 6,000 TORN into Bitrue; sold 379,300 TORN on the chain and exchanged it for 375 ETH (about 680,000 U.S. dollars). The price is US$1.8; there are still 97,700 TORNs…
— Wu Blockchain (@WuBlockchain) May 21, 2023

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By taking these illegal & suspicious activities under consideration, the Binance crypto exchange suspended Torn token deposit. So that hackers can’t use the Binance platform to sell their stolen funds.

Due to circumstances surrounding the protocol, #Binance will temporarily pause $TORN deposits until further notice.
— Binance (@binance) May 21, 2023

Huobi exchange’s senior advisor Justin Sun confirmed that Torn token deposit on the Huobi exchange will remain active but the team will monitor the whole situation to tackle the potential impact because of the attack.

Please be informed that deposits and withdrawals of $TORN @tornado_cash remain active on @HuobiGlobal and @Poloniex. We're closely monitoring the situation and may adjust our policy as required to ensure secure. We appreciate your understanding and support.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 21, 2023

Because of this news, the price of Torn token plunged by nearly 28% within a few hours.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.