Tornado Cash token drops 45% in one day after US sanctions

The TORN cryptocurrency fell in price by 45% in a day — all due to the imposition of US sanctions on the Tornado Cash cryptocurrency mixing service.

As it became known, Tornado Cash (TORN) lost almost half of its market value, dropping to $ 18.88 at the time of the news. The price of the token fell due to the imposition of sanctions that prohibit US citizens and businesses from using Tornado Cash services — the service is accused of laundering stolen cryptocurrencies.

In addition, API and node infrastructure providers, which are considered the backbone of the Ethereum and Web3 ecosystems, have started blocking remote procedure call (RPC) requests to Tornado Cash. The move to block RPC requests prevents anyone using Alchemy or Infura in the background from accessing Tornado Cash.

It is worth noting that today an unknown user made a number of cryptocurrency transfers from their wallets in the Tornado Cash mixer to celebrity addresses. Some users and crypto experts believe that such unusual transfers through Tornado Cash may be a kind of protest.