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The Multisig wallet of the Tornado Cash fund comes under the control of the DAO

All signatories of Tornado Cash Community Fund’s multisig wallet have given up their right to manage it after sanctions against the mixer were imposed.

In 2021, the Tornado Cash community supported the creation of a fund in TORN tokens to support projects to improve the protocol. Users voted to determine whose contribution is worth making up for.

Transactions were controlled by five elected members of the community with the necessary agreement of the four.

On August 12, the signatories began to relinquish the management of the funds. On August 14, all participants of the multisig wallet closed their access and DAO remained the sole owner.

After adding Tornado Cash to the sanctions list on August 8 OFAC To launder $7 billion, the TORN token has dropped from $30 to $13.2 at the time of writing.

Hourly chart of the Binance exchange TORN/USDT. Data: Trade Outlook.

The mixing service has also faced the outflow of user funds. By August 11 alone, customers had withdrawn $62 million in assets or 15% of their account balance.

As part of the restrictions, Circle has blacklisted the USDC addresses of 38 Tornado Cash wallets. One of the stablecoin operators blocked the movement of at least 75,000 USDC.

Some platforms, including DEX dYdX, have started blocking accounts associated with the mixer.

Recall that Tornado DAO members urged the community to hire a team of lawyers to deal with the sanctions imposed.

On August 12, law enforcement in the Netherlands arrested a developer allegedly linked to Tornado Cash.

Read ForkLog bitcoin news in our Telegram – cryptocurrency news, courses and analysis.

Source: Fork Log

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