Cryptocurrency exchange Binance announced the removal of the Tornado Cash token, causing its price to drop significantly.
At the time of publishing, the price of Tornado Cash is down 50.76% compared to the price just 24 hours ago.
Sharp decline in Tornado prices
Binance recently stated that its cryptocurrency tokens are undergoing regular reviews to ensure compliance with its standards. The specific reason why Tornado Cash was deleted was not disclosed, but it was mentioned among several tokens that were delisted.
“At Binance, we regularly review each digital asset on our list to ensure that it continues to meet the high standards we expect. If a coin or token no longer meets these standards or the industry changes, we will conduct a more in-depth review and potentially delist that coin or token. We believe this best protects all users.”
Read more: Top 8 Tornado Cash Alternatives
The four tokens listed were BitShares (BTS), PERL.eco (PERL), Tornado Cash (TORN), and Waltonchain (WTC).
At the time of publication, the Tornado Cash price is $1.81.
Tornado Cache has been facing challenges recently.
This is not the first time prices have plummeted in 2023.
On May 21, BeInCrypto reported that TORN tokens fell more than 30% after malicious hackers hijacked its governance and stole more than 480,000 tokens from its vaults.
Moreover, there were claims that hackers wasted profits by dumping TORN into the Tornado Cash mixer.
However, Tornado Cash has been controversial due to its frequent use by cryptocurrency hackers.
Meanwhile, in August 2022, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned Tornado Cash.
Read more: Tornado Cash: Everything You Need to Know
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