Binance, the cryptocurrency exchange, has announced the delisting of the Tornado Cash token, resulting in a significant decrease in its price. At the time of publication, the Tornado Cash price has experienced a 50.76% drop compared to its value just 24 hours prior.
Binance recently stated that crypto tokens undergo regular reviews to ensure compliance with standards. Although the specific reason for Tornado Cash’s removal was not provided, it was mentioned among several tokens that were delisted. The four tokens that were delisted are BitShares (BTS), PERL.eco (PERL), Tornado Cash (TORN), Waltonchain (WTC).
According to Binance, “At Binance, we periodically review each digital asset we list to ensure that it continues to meet the high level of standard we expect. When a coin or token no longer meets this standard, or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all our users.” At the time of publication, Tornado Cash price is $1.81.
Tornado Cash has faced challenges in recent times, as this isn’t the first time that its price has experienced a significant decline. On May 21, BeInCrypto reported that the TORN token dropped more than 30% after a malicious hacker hijacked its governance to steal over 480,000 from its vault. Furthermore, it was alleged that the hacker dumped their profits from dumping TORN into the Tornado Cash mixer.
Controversies have surrounded Tornado Cash due to its frequent use by crypto hackers. In August 2022, The US Treasury’s Office of Foreign Asset Control (OFAC) sanctioned Tornado Cash.