Nothing seems to be going well for Tornado Cash as the project faced several hits in the past weeks. Now these hard hits to the project started showing visible results in the form of losses. During the last week, the governance token of the Tornado Cash project, TORN, appeared to witness a loss of more than half of its value.
TORN governance token was launched in February last year. The token is an ERC-20 token and its users received an initial 5% supply via airdrop. These users were benefited after the mixing application prior to the event. During the airdrop event, the community of Tornado Cash project received approx 500K TORN in an airdrop out of an overall 1,511,065 tokens supply.
However, following the crackdown on the project by the United States government along with the ETH-based addresses associated with the mixed application ban, the governance token TORN had to suffer the most.
In terms of overall trade volume globally, TORN holds approx 43.4 million USD, out of which a large portion comes from token sales. The token has been listed over prominent crypto exchanges including Binance, Bitget and Bingx.
TORN token has pairing with other popular crypto assets such as USDT, BUSD, USDC, WETH and bitcoin (BTC) also. Out of overall supply, 30 of the token supply is reserved for their developers and initial contributors. The token achieved its all time high on February 13th, 2021.
On Saturday, 13th August, 2022, TORN saw its all time low when it hit 11.81 USD trading price. Even though, after a slight jump in price, the token is currently trading at 14.18. Yet the government token of Tornado Cash is down by almost 97% from its ATH of 437.41 USD. This appeared to continue for long citing the sanctions by the US government against the Tornado Cash mixer, which led the investors in the project to be skeptical regarding the project.
Source: https://www.thecoinrepublic.com/2022/08/14/tornado-cash-ban-led-governance-token-torn-face-massive-drop/