Tornado Cash (TORN) price and Defi Total Value Lock (TVL) are surging, while the broader cryptocurrency market is consolidating on a bearish note.
TORN is up 11.8% in the last 24 hours and is trading at $3.36 at the time of this writing.
The market capitalization of the asset exceeded $17 million with a daily trading volume of $51,000. TORN is currently the 957th largest cryptocurrency.
Moreover, the asset briefly touched an intraday high of $3.39 around 8:40 AM (UTC) today.
Despite the current price rise, TORN is still down 99.23% from its all-time high of $437.41 on February 13, 2021. Notably, the Tornado Cash token hit an all-time low of $1.31 five months ago on January 10th. .
The TORN price rise comes as the global cryptocurrency market cap recorded a 0.5% decline over the past 24 hours and currently sits at $2.67 trillion.
According to data provided by Defi Llama, the TVL of the Tornado Cash defi protocol increased by 7% over the past day, reaching $614.18 million. This level was last seen on May 5, 2022. Wrapped Ethereum (WETH) has the largest token allocation in the world. protocol.
According to data, the Tornado Cash defi protocol, an Ethereum-based privacy tool, saw USD inflows of $41.63 million today.
Tornado Cash’s downfall began in August 2022, when the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned the platform for money laundering. Notably, authorities arrested founder Alexey Pertsev in the Netherlands a few days after the sanctions were announced.
On May 30, Ethereum co-founder Vitalik Buterin donated 30 ETH to the Juicebox campaign “Free Alexey & Roman” to show support for Tornado Cash developers.