Twister Money Ethereum Token Breaks Down 50% After Sanctions


Within the week after the US Treasury Division’s Workplace of International Asset Management (OFAC) blacklisted Twister Money, the tokens underpinning the system are down 56%, beginning the week at a excessive of $31.56 and ending the week at a excessive of $31.56. on terminated. In keeping with CoinMarketCap, a low of $13.09.

Twister Money (TORN) is an ERC20 token and Twister Money is the native token of the DAO, used to handle governance and voting. It’s at the moment the quantity 691 cryptocurrency with a market capitalization of $15.5 million.

After the US Treasury issued its sanctions and Github took the Twister Money web site offline, eradicating its reserves from the location, the worth of the token started to plummet.

Launched in 2019, Twister Money is a blockchain protocol for sending and receiving nameless transactions by combining Ethereum tokens with a pool of different tokens, anonymizing the person.

Within the approval of Twister Money, the US Treasury cited its use by North Korean hacker group Lazarus Group and the laundering of greater than $103.8 million from the hacks of Horizon Concord Bridge and Nomad Token Bridge earlier this summer time.

After an argument by the Twister Money group, the Discord server for the group disappeared, and unidentified people took the discussion board offline on the Twister Money group web site. On the identical time, a member of the developer group behind Twister Money was detained by legislation enforcement within the Netherlands.

The Monetary Info and Investigation Service (FIOD) mentioned the legal investigation into Twister Money started in June 2022.

This crypto winter appears to be notably troublesome for the Twister Money group. The sanctions, shutdowns and arrests coupled with the present bear market have dealt a serious blow to the undertaking as holders proceed to run away.

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