TLDR CRYPTO 2023-05-22

SANCTIONED CRYPTO MIXER TORNADO CASH HIJACKED BY HACKERS

Tornado Cash, a crypto mixing service, was overtaken via a hostile hacking operation. A malicious actor created 1.2 million counterfeit votes, surpassing the 700,000 legitimate ones, enabling them to seize complete control of Tornado Cash's governance. Following this exploit, the attacker withdrew and sold 10,000 TORN. Consequently, crypto exchange Binance temporarily halted TORN deposits and the token's value dropped 44%. Tornado Cash, used extensively for money laundering including by North Korean hackers, according to the US Treasury Department, which sanctioned Tornado Cash last year, has facilitated over $8 billion in transactions since its inception in 2019.

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