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Tornado Cash's governance controls are set to be restored once voters approve the proposal

Published on

May 28, 2023
Read Time:1 Minute, 50 Second

Twister Money governance token holders will quickly regain management of the protocol's operation due to an sudden suggestion by the attacker. This growth permits the neighborhood to reclaim their authority and steer the protocol in direction of restoration and improved safety measures.

On Might 26, the Suggestion Restoration of management to Twister Money's unique governance token holders has been efficiently accomplished. A complete of 517,000 symbolic votes supported the proposal, with none opposed. This decision represents a fast conclusion to a governance takeover that thankfully had no influence on the protocol itself, however resulted within the theft of particular governance tokens.

A screenshot exhibiting the voting outcomes. Supply: Twister Money

By efficiently orchestrating a takeover of the protocol's system of governance, the attacker maneuvered a malicious proposal that garnered 1.2 million votes. They leveraged this important voting energy, handed further proposals, and ultimately took management of beforehand vested governance tokens. Their techniques allowed them to govern the construction of presidency, leading to a switch of energy of their favor.

In a shocking flip of occasions, simply hours after the hack, the attacker unexpectedly contacted the Twister Money neighborhood and put ahead a proposal purportedly geared toward restoring governance management. This sudden gesture shocked many, piqued curiosity and prompted additional scrutiny of the attacker's intentions and motivations.

As Martin Lee, a knowledge journalist at crypto analytics website Nansen, studies, the attacker succeeded steal 483,000 Twister Money (TORN) tokens. They then performed a collection of exchanges, changing many of the stolen tokens into 485 Ether (ETH) price about $890,000. This strategic maneuver left them with 39,000 TORN price round $160,000. To disguise the origin of the funds, a part of the ETH was cleverly routed via Twister Money, including an additional layer of anonymity to the transaction.

Associated: Q1 crypto hacks drop is only a 'momentary reprieve' - blockchain firms

Twister Money, the Ethereum blockchain-based crypto mixing service, was embroiled in controversy when it was formally sanctioned by the US Treasury Division in August 2022. The sanctions stemmed from allegations that the protocol had been used to launder cash.

Journal: Ought to crypto initiatives ever negotiate with hackers? In all probability



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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : May 28, 2023
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