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Sanctioned crypto mixer Tornado Cash hijacked by hackers | Business

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Tornado Cash, a service that allows users to mask cryptocurrency transactions, suffered a hostile takeover by hackers through a malicious governance proposal. | News24_Business

The US Treasury Department imposed sanctions on Tornado Cash in August after saying the service was used by North Korean hackers to launder illicit gains.Tornado Cash, a service that allows users to mask cryptocurrency transactions, suffered a hostile takeover by hackers through a malicious governance proposal.

A deep dive into the big business story of the week, as well as expert analysis of markets and trends.Tornado Cash is a blockchain protocol that is governed by a network of computers. TORN, the governance token of Tornado Cash, enables its holders to vote for changes in the protocol. Soon after the news of the exploit, crypto exchange Binance said that it will temporarily pause deposits of TORN. The token fell as much as 44% on Sunday, data from CoinGecko showed.

 

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