Tornado Cash Token Holders Gain Control Back with Overwhelming Support for Proposal
In a positive turn of events, the proposal to restore governance control to Tornado Cash token holders has received an impressive 517,000 votes in favor, with no opposing votes. This means that the individuals holding the governance tokens will soon be able to once again influence and manage the operations of the Tornado Cash protocol. The proposal, unexpectedly introduced by the person responsible for the attack, allows the community to regain authority and guide the protocol towards recovery and enhanced security measures.
Successful Proposal Restores Control to Tornado Cash Governance Holders
Great news! On May 26, the proposal to give back control to the original governance holders of Tornado Cash has been approved. A whopping 517,000 token votes were in favor of the proposal, with nobody opposing it. As of now, there are only 2 hours and 40 minutes left until the execution takes place. This resolution brings a quick end to a governance takeover that, luckily, didn’t affect the protocol itself but did result in the theft of some governance tokens.
Attacker Takes Control of Governance System by Tricky Maneuvers
Also Read This Related: Tornado Cash Attacker May Return Governance Control, According To Proposal
In a troubling incident, an attacker managed to take over the governance system of the protocol by using cunning tactics. They devised a malicious proposal that granted them a massive 1.2 million votes, giving them significant voting power. With this advantage, they successfully passed additional proposals, ultimately gaining control over previously held governance tokens. By manipulating the governance structure, the attacker effectively transferred authority to themselves, causing concern and disrupting the system.
Attacker Surprises Tornado Cash Community with Unexpected Proposal
Shortly after the hack, something unexpected happened. The attacker reached out to the Tornado Cash community, presenting a new proposal that claimed to restore governance control. This surprising move caught many off guard and sparked curiosity. People began to question the attacker’s intentions and motivations, leading to increased scrutiny and examination of the proposal. Everyone was curious to find out what this unexpected gesture meant for the future of Tornado Cash.
Attacker Steals a Large Amount of TORN Tokens and Converts Them into ETH
According to Martin Lee, a data journalist from Nansen, the attacker successfully stole a significant sum of 483,000 TORN tokens. Afterwards, they made a clever move by swapping most of the stolen tokens into 485 ETH, which is worth about $890,000. This strategic maneuver left them with 39,000 TORN, valued at around $160,000. To hide the source of the funds, they cleverly sent some of the ether through Tornado Cash, making the transaction more anonymous. The attacker’s actions helped them profit from their theft, making it harder to trace the stolen funds.
Tornado Cash, a service on the Ethereum blockchain that mixes transactions, faced a big problem in August 2022. The U.S. Treasury officially punished the protocol because they believed it was being used for money laundering. This caused a lot of controversy and raised concerns about the service’s use in illegal activities.
Also Read This Related: First Tweet Shared by Tornado Cash Founder After Incarceration
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.