Binance Resumes TORN Deposits, Moves Tornado Cash into Innovation Zone as

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Major Crypto Exchanges binance TORN deposits reopened after attack on privacy-focused crypto mixer Tornado Cash DAO,

Exchange announced on Monday that it has resumed submission through TORN Ethereum (ETH) network and Binance’s own bnb smart chain,

TORN deposits on both of these networks were suspended on May 21 “due to recent events” at the TORN Decentralized Autonomous Organization (dao,

But because the resolution to restore governance status in TORN DAO has been passed and executed, the exchange said, deposits have been reopened.

Furthermore, based on recent reviews, Binance decided to move Tornado Cash to the Innovation Zone by May 30th.

“The projects placed in the Innovation Zone will be closely monitored for their development,” it said.

Event

The “recent incident” mentioned above refers to the hack experienced by the Binance DAO on May 20th.

As informed ofTen days ago, an unknown attacker or group of attackers took control of Tornado Cash’s operations and the DAO that manages funds.

The attacker used a malicious proposition that hid a code function within the DAO that allowed them to fake votes.

He withdrew and sold 10,000 votes as TORN and maliciously created over 1 million TORN tokens, worth over $4 million.

The attack did not affect the actual Tornado Cash protocol, which allows users to obscure the movement of funds.

After this incident, the Tornado Cash community proposed to revert the changes made by the attacker.

he was not the end as the attacker Posted “A new proposal to restore governance status” on the Tornado cache.

Then, yesterday, hackers power down the service “using a protocol to launder the digital tokens looted during the attack,” Bloomberg informed of,

The exploiters converted most of the stolen TORN 483,000 into ETH, after which they siphoned off ETH 472, per research firm Nanase,

In response to the protocol’s circumstances, shortly after the attack, Binance announced a temporary freeze on TORN deposits. The move resulted in a falling TORN price, as market participants reacted to developments related to the security breach.

At the time of writing (Tuesday morning UTC), Tornado Cash’s governance token TORN was trading at $4. It was down more than 10% in one day and more than 13% in one week. Overall, it fell 50% in one month and 87% in one year.

Torn 30-day price chart: