Tornado Cashs token TORN plunges 45% following Binance delisting
TORN price | Source: CoinGecko In Sept. 2023, Tornado cash co-founder Roman Storm pleaded not guilty to charges he helped launder over $1 billion of illicit funds generated by North Korean hackers. Tornado Cash is a decentralized Ethereum-based protocol that enhances transaction privacy by obscuring the link between sender and receiver addresses. Crypto mixing, a service offered by platforms like Tornado Cash, involves pooling and scrambling cryptocurrencies from various users to anonymize transactions and obscure their origin. The delisting announcement comes shortly after Binance founder Changpeng Zhao pleaded guilty to violating U.S. anti-money-laundering requirements and agreed to step down as the exchanges head. As per the U.S. Treasury Department, Binance “willfully failed” to report to regulators more than 100,000 transactions on its platform tied to illicit activity such as darknet, scams, fraud and other malicious activity. As part of the $4.3 billion settlement agreement, Binance agreed to a look back to identify and report to FinCEN the “suspicious transactions that it processed and willfully failed to report,” the regulator said.