The governance token for crypto mixer Tornado Cash, TORN, has fallen by over 50% since Nov. 26, according to data from CoinGecko. The crash came on the same day that crypto exchange Binance announced it was delisting the token.

Tornado Cash is a cryptocurrency mixing protocol, and TORN is used to vote on proposals for upgrading the protocol. From Nov. 26 to 27, the token took a nosedive, falling from $3.90 to just $1.66 — a decline of 57%. The price decline happened as the world’s largest crypto exchange by volume, Binance, announced that it would stop accepting deposits of TORN on Dec. 8 and no longer process withdrawals after March 7, 2024.

On Aug. 8, Tornado Cash was sanctioned by the United States Office of Foreign Asset Control for allegedly facilitating money laundering. This legally barred U.S. residents from using the protocol.

Related: Blockchain Association files support in suit to lift Tornado Cash sanctions

Binance, meanwhile, originally claimed that it did not allow U.S. residents to use its exchange. But on Nov. 21, the United States Department of Justice announced that it ha

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Author: Tom Blackstone

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