Home Market TORN Value Drops 50% After Attacker Takes Over Twister Money DAO

TORN Value Drops 50% After Attacker Takes Over Twister Money DAO

TORN Value Drops 50% After Attacker Takes Over Twister Money DAO

  • TORN value fell over 40% from $7.29 to $3.55.
  • That is after the Twister Money DAO handed a malicious proposal that included an attacker bug.
  • With full management over the Twister Money governance system, the attacker proceeded to empty locked votes.

TORN’s value fell sharply because the market reacted to cryptocurrency information of a malicious governance takeover of Twister Money.

Through the preliminary market response, the TORN value fell virtually 50%, with sellers driving the worth of the token from $7.29 to $3.55. Whereas additional losses might nonetheless materialize, the token’s worth has rebounded above $4.40 as patrons attempt to maintain the bears at bay.

On the time of writing, Twister Money is ranked 1,103 by market capitalization on CoinGecko. It has a market capitalization of $6.8 million, however has seen a complete of $25.7 million TORN traded within the final 24 hours.

Attacker Maliciously Takes Twister Money DAO

The Twister Money value dropped after an attacker took over the Twister Money DAO. The compromise occurred after the neighborhood adopted a malicious proposal, which the attacker used to empty funds from the governance treasury.

Twister Money is a crypto mixing service that runs on Ethereum. It was sanctioned by the US Treasury in February 2023. The governance system controls protocol upgrades and is managed by those that maintain the challenge’s native TORN tokens.

On Might 20, 2023, an attacker reportedly added an extra function to an improve handed on by TORN holders. This gave the unknown entity an extra 1.2 million votes and efficient management of the cryptocurrency governance system.

As a pseudonymous crypto intelligence account Samczsun factors out, the management allowed the attacker(s) to withdraw 10,000 votes in TORN tokens. They bought them for $25,600 earlier than draining the remaining quantity of locked votes.

A complete of 483,000 TORNs have been faraway from the vault. 6,000 TORN have been deposited on crypto change Bitrue, 379,000 have been bought on-chain for $680,000 price of ether, and just below 100,000 TORN stay below the management of the attacker.

Within the aftermath of the compromise, Binance introduced that it will halt TORN deposits till additional discover.

Tron founder Justin Solar mentioned TORN deposits and withdrawals on Huobi would stay open. In the meantime, the Twister Money workforce says they’re engaged on a repair for the vulnerability.


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