Tornado Cash Attacker Proposes To Give Back Control, TORN Price Spikes
TORN price recovered as much as 10% after Tornado Cash hacker submitted a new proposal to restore the decentralized autonomous organization’s control. A user on Tornado Cash forum wrote that there is a good chance that the hacker is going to execute the proposal.
The attacker is proposing to revert back the TORN governance tokens that they gave themselves to hack Tornado Cash back to zero.
Will Tornado Cash be restored?
The proposal will pass when voting closes on May 26, given the attacker’s massive holdings of TORN governance tokens. It’s unclear when the action will be executed. If the proposal passes on May 26 that the hacker integrated into Tornado Cash that enabled them to steal voting powers to control DAO, will be reverted back to the token holders like before.
Users are still skeptical about the seriousness of the hacker submitting this proposal. Some suggested that hackers might just be trying to pump the token’s price by putting out such news.
TORN price down after surging briefly
Tornado Cash token surged as much as 10% on the news of a new proposal by the attackers. However, the price of the token again plummeted shortly after. At the time of writing, TORN is trading at just above $2.5, nearly 3% down in the last hour. TORN price had stumbled as much as 50% yesterday after the hack.
A few crypto exchanges including Binance suspended TORN deposits as a precautionary measure after the news of hack on May 21.
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