Tornado’s crypto token TORN nosedives after US imposes sanctions

Tornado Cash’s token TORN fell sharply on Tuesday after the US Treasury Department imposed sanctions on the cryptocurrency mixer.

TORN was down 24% during Asian hours to $22, according to CoinGecko data. The token has lost 95% of its value since its all-time high in February 2021.

By contrast, larger cryptocurrencies Bitcoin and Ether posted smaller declines on Tuesday, falling roughly 1%.

TORN is the native token of Tornado Cash, a popular cryptocurrency service which allows users to mask their transactions by mixing funds from different sources before transmitting them to the ultimate beneficiary. This feature has made it a preferred tool for hackers and criminals to launder stolen or illicitly acquired funds.