Markets News Report
May 23, 2023

Tornado Cash Hacker’s Proposal Sends TORN Price Soaring

Tornado Cash Attackers Proposal Sends TORN Price Soaring

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.

forum tornadocash.community

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.

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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.

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Nik Asti
Nik Asti

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.

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