{"id":25581,"date":"2022-08-11T01:23:52","date_gmt":"2022-08-11T01:23:52","guid":{"rendered":"http:\/\/egrowonline.com\/?p=25581"},"modified":"2022-08-11T01:23:52","modified_gmt":"2022-08-11T01:23:52","slug":"tornado-cash-digital-token-jumps-altcoins-recover","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=25581","title":{"rendered":"Tornado Cash digital token jumps, altcoins recover"},"content":{"rendered":"


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\"Illustration
Sanctioned crypto mixer Tornado Cash’s digital token rose 10% on Wednesday. – Photo: Shutterstock<\/figcaption><\/figure>\n

Tornado Cash\u2019s digital token jumped 10% on Wednesday as altcoin prices recovered.<\/span><\/p>\n

The sanctioned crypto mixer\u2019s native coin TORN<\/a> appeared to get caught in a market-wide upswing. All but a few top-100 cryptocurrencies were in the green. The entire market had dipped on Tuesday.<\/span><\/p>\n

Quick compliance<\/span><\/strong><\/span><\/h2>\n

TORN\u2019s rise exceeded 10% at times on Wednesday but the price receded around the time that conventional markets closed in North America. (All figures based on CoinMarketCap data.)<\/span><\/span><\/span><\/p>\n

The US Treasury Department sanctioned Tornado Cash on Monday, causing the coin to nosedive. TORN has lost most of its value since peaking in February 2021.<\/span><\/p>\n

Treasury alleged that Tornado Cash allowed North Korean state-backed hackers and other criminals to launder stolen money anonymously. A crypto mixer pools digital assets to shield their owners\u2019 identities. While mixers are often used for legitimate privacy protection, they have also been used for illicit purposes.<\/span><\/p>\n

American companies quickly complied with the sanctions, because breaches could resulted in steep fines or prison sentences. But Circle CEO Jeremy Allaire criticized the move<\/a>, contending that US President Joe Biden\u2019s government crossed a line by requiring companies to block or limit the functioning \u00a0open-source software on the Internet.<\/span><\/p>\n

Other crypto industry leaders have expressed similar sentiments. <\/span><\/p>\n

CRV<\/a> to USD<\/span><\/span><\/strong><\/span><\/h2>\n

Curve gets hacked<\/span><\/span><\/strong><\/span><\/h2>\n

The market again showed resilience following a major security breach. <\/span><\/span><\/p>\n

Curve, a decentralized finance (DeFi) exchange operator, said that it found and resolved a front-end hack on its Curve.fi website in a domain name system (DNS) spoof. But Curve\u2019s token (CRV) rose with the rest of the market.<\/span><\/span><\/p>\n

“This attack demonstrates once again that the ingenuity of hackers presents a near and ever-present danger to our industry,\u201d said Paolo Ardoino, chief technology officer for Bitfinex.<\/span><\/span><\/p>\n

\u201cThe fact that a hacker is able to change the DNS entry for the protocol, forwarding users to a fake clone and approving a malicious contract says a lot for the vigilance that must be exercised. <\/span><\/span><\/p>\n

\u201cWe applaud Curve for its ability to be able to pinpoint the source of the hack, and speedily act. This is exactly how a protocol should react during a time when customers’ funds are at risk.”<\/span><\/span><\/p>\n

According to Ardoino and Assure DeFi, $573,000 worth of cryptocurrency was stolen. Crypto security firm Certik said $612,000 worth of stablecoins, including USDC, was stolen and then swapped for ether (ETH), the main coin of the Ethereum blockchain. <\/span><\/span><\/p>\n

Cross-chain exchange Fixed Float said it froze $200,000 after the hacker tried to transfer the ether there. <\/span><\/span><\/p>\n

The market also showed resilience on Monday<\/a> as prices stayed in the green even after the US sanctions against Tornado Cash were announced and Singapore-based crypto lender froze assets due to difficult market conditions.<\/span><\/span><\/p>\n

CEL<\/span><\/span><\/a> to USD<\/span><\/span><\/strong><\/h2>\n

Celsius Network coin surges<\/span><\/strong><\/span><\/h2>\n

The beleaguered Celsius Network coin (<\/span>CEL<\/span><\/span><\/a>) surged 24% after plunging 21%<\/a> on Tuesday. (All figures based on CoinMarketCap data.)<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n

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Volatility has been extreme<\/strong><\/span><\/h2>\n

CEL has faced extreme volatility at times since its value imploded in wake of the Celsius Network\u2019s financial collapse and subsequent move into bankruptcy protection.<\/span><\/span><\/p>\n

The financial troubles of <\/span>Celsius<\/span><\/span><\/span><\/a>, <\/span>Voyager<\/span><\/span><\/a> and <\/span>Three Arrows<\/span><\/span><\/a>, also known as 3AC, have contributed largely to the current crypto winter. Voyager and Three Arrows have also filed for bankruptcy.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n

AAVE<\/a> was another notable gainer as it climbed 13%, but most other increases were less than 10%. <\/span><\/span><\/p>\n

Market leaders bitcoin (<\/span>BTC<\/span><\/span><\/a>) and ether (<\/span>ET<\/span>H<\/span><\/span><\/span><\/span><\/a>), the main coin of the Ethereum blockchain<\/span>, were up 2% and 8%, respectively.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n

\u00a0<\/p>\n

Buterin used Tornado Cash<\/span><\/span><\/strong><\/h2>\n

Ethereum co-founder Vitalik Buterin has revealed on Twitter that he used Tornado Cash to donate crypto to Ukraine following its invasion by Russia. <\/span><\/p>\n

Buterin, who was born in Russia and raised in Canada, said he did not use the crypto mixer to conceal his identity.<\/span><\/p>\n

\u201cMy intent was protecting the recipients, not myself,\u201d he tweeted. The [Russian] government knows my positions on the Ukraine issue anyway.\u201d<\/span><\/p>\n

Coinbase stock rebounds<\/span><\/strong><\/span><\/h2>\n

Crypto exchange operator Coinbase\u2019s stock <\/span>(COIN<\/span><\/a>)<\/span> rebouned\u00a0as it closed up 7.37% on the NASDAQ Global Select market.\u00a0COIN had sunk 10.6% on Tuesday due to a negative quarterly earnings report.<\/span><\/p>\n

Coinbase’s recently announced partnership with global asset manager BlackRock (BLK<\/span><\/a>) \u201c\u2018could usher trillions of dollars into the crypto industry in the coming years,\u201d Ark analyst Yassine Elmandjra, said<\/a> during a monthly portfolio update on Tuesday.<\/span><\/span><\/p>\n

Read more<\/h2>\n
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\"Silver<\/a><\/div><\/div>\n
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\"The<\/a><\/div><\/div><\/div><\/div>\n

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Sanctioned crypto mixer Tornado Cash’s digital token rose 10% on Wednesday. – Photo: Shutterstock Tornado Cash\u2019s digital token jumped 10% on Wednesday as altcoin prices recovered. The sanctioned crypto mixer\u2019s native coin TORN appeared to get caught in a market-wide upswing. All but a few top-100 cryptocurrencies were in the green. The entire market had […]<\/p>\n","protected":false},"author":1,"featured_media":25582,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[42],"tags":[200,218,271,3622,998,452,6969],"class_list":["post-25581","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoins","tag-altcoins","tag-cash","tag-digital","tag-jumps","tag-recover","tag-token","tag-tornado"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/08\/Tornado-Cash-Token.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/25581","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25581"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/25581\/revisions"}],"predecessor-version":[{"id":25583,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/25581\/revisions\/25583"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/25582"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25581"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25581"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25581"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}