CryptoNews: Following a recent attack on the decentralized autonomous organization (DAO) governing Tornado Cash, the $TORN token has seen a 10% increase in value.🕶
Tornado Cash Attacker Makes Offer to Revert Attack
The attack involved a proposal submitted by a wallet address associated with the attacker, aiming to reverse the malicious changes made to the governance state. The attacker, who holds a significant amount of TORN governance tokens, plans to revert the tokens they obtained back to zero, effectively relinquishing the controlling share of governance votes they had acquired.
The proposal is expected to pass when the voting period concludes on May 26, resulting in the removal of the malicious code integrated into the Tornado Cash protocol. This will restore the governance power to token holders. CoinMarketCap data shows that the value ofrose by as much as 10% before stabilizing. However, some members of the TORN community, such as 0xdeadf4ce, have raised suspicions that this may be an attempt to manipulate the token's price.
While structural attacks on DAOs and decentralized finance protocols have led to legal consequences in the past, the attacker behind this exploit might be taking advantage of Tornado Cash's recent designation as a sanctioned entity. Despite limited choices regarding the proposal, community members recognize its significance in restoring the governance integrity of Tornado Cash.I've been writing about Bitcoin since 2014.
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