Tornado Cash’s TORN governance token has dropped more than 57%!

TORN is an ERC20 with a fixed supply that is used for governance proposals and votes. In the last seven days, the Tornado Cash governance token has lost 57.6% of its value.

Tornado Cash token loses more than half its value this week

It seems that everything Tornado Cash has touched is tainted, and over the past week, the Tornado Cash Project Governance Token (TORN) has lost more than half of its value. TORN is an ERC20-based token that was launched in February 2021, and 5% of the offering has been “air dropped” to users who had operated the blending application before the snapshot.

There are approximately 1,511,065 TORN tokens and 500,000 TORN have been distributed to the Tornado Cash community. Since the U.S. government went after Tornado Cash and banned the shuffling application and associated ETH addresses, TORN has been severely beaten by the market.

TORN saw a global trading volume of $43.4 million, much of which came from sales. Popular crypto-currency exchanges that list TORN include Binance, Bingx, and Bitget. 69.93% of all TORN transactions today are matched with USDT followed by BUSD (24.73%), BTC (3.92%), WETH (1.18%), and USDC (0.24%).

In addition, 30% of the TORN reserve was reserved for developers and contributors, and vested for a three-year straight vesting period with a one-year cliff. TORN is down 97.2% from the crypto asset’s all-time high on February 13, 2021.

TORN hit its all-time low a few hours ago on Saturday morning (EST), reaching 11.81 per unit on August 13. If the TORN market rout continues, the reserves acquired from ERC20 will have less and less value over time. The U.S. government’s sanctions on the Tornado Cash blender may cause TORN investors to continue dumping after losing confidence in the project.