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Tornado Cash (TORN) experienced a surge of over 10% in the aftermath of a recent attack tied to a decentralized autonomous organization’s (DAO) governance, backed by a proposal by a maliciously linked wallet address to undo all alterations.
Attacker Backs Down With Governance Proposal
A step back was taken with the attacker’s governance proposal. Tornadosaurus-Hex, a user in Tornado Cash’s community forum, wrote: “The attacker has put forth a new governance proposal to restore the changes made in governance,” adding that the attacker’s action was commendable.
Reminding that the attacker had nullified the TORN tokens given to them, which allowed them voting rights on governance proposals, Tornadosaurus-Hex said, “There is nothing we can do about this governance proposal, but it is still important.”
Considering the TORN governance tokens in the attacker’s possession, the proposed governance will likely pass with voting ending on May 26th, although it remains uncertain when the proposed changes will be implemented. When the governance proposal is accepted, the malicious code that the attacker incorporated into the protocol, allowing theft of others’ voting power, will be removed, and the governance of Tornado Cash’s DAO will be returned to the token owners.
The Latest in TORN Pricing
Upon the attacker’s governance proposal, TORN saw an uptick of up to 10% before any withdrawal. 0xdeadf4ce, an active member of the TORN community, suggested that all of this might be a play to decrease the token’s price to buy at lower rates.
Indeed, before the attack, TORN, trading around $6.6, dropped to approximately $3.8 after the incident. The altcoin is currently trading at $4.53, a 0.84% drop in the last 24 hours as of the writing of this article.
Market observers and experts are emphasizing that what happens after the governance proposal voting ends on May 26th is very important for the future price of TORN.
