Tornado Cash Hacker’s Proposal Sends TORN Price Soaring
In Brief
The price of the governance token of crypto mixer Tornado Cash recovered after the hackers attacking the protocol offered to reverse the attack.
Crypto mixer Tornado Cash was hijacked by hackers on May 20 sees the price of governance token TORN soar as the bad agent makes a proposal to give back governance control.
A user named Tornadosaurus-Hex posted a message on Tornado Cash’s governance forum stating that the attacker had submitted a new proposal to restore the state of governance. Tornadosaurus-Hex shared a link to the original on-chain proposal by the alleged attacker.
The revelation that the attacker may restore the protocol to its pre-attack state cause the TORN price to go up from $3.49 to $4.72. Despite the strong recovery, however, TORN’s price remains down by around 36% from the high of $7.40 seen just before the attack took place on May 20.
By submitting a fraudulent proposal that concealed a code function granting them fake votes within the DAO, the attacker(s) effectively took control of the decentralized autonomous organization (DAO) which manages the operations and funds of Tornado Cash.
They gained control over aspects like TORN tokens held in the governance contract with these votes.
Read more related articles:
- The attorney that allegedly deceived the crypto community called out by online sleuths
- BAYC and OtherSide Discords attacked in giveaway scam
- Microsoft warns of “cryware” attacks that clear out crypto wallets
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
More articles
Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
