The crypto Tornado Cash (TORN) caught the eye on Friday after announcing the use of a tool to block crypto wallets sanctioned by the United States Office of Foreign Assets Control (OFAC).

The TORN crypto traded flat on Friday morning as its volume slid over 41%.

Read also : Is Crypto Avalanche (AVAX) Rallying on Fundraising News?

What is Tornado Cash (TORN) crypto and why is it gaining traction?

Tornado Cash, built on Ethereum, claims to be a decentralized, non-custodial privacy protocol. The company said the protocol improves transaction privacy by breaking the chain link between recipient and destination addresses.

It uses a smart contract that accepts ETH and ERC-20 deposits, which any on-chain address can withdraw. However, when a new address withdraws an asset, the withdrawal cannot be linked to the deposit to ensure the confidentiality of the assets.

Read also : Why is Real Estate Focused Crypto Propy (PRO) Rising?

The protocol uses zero-knowledge proofs (zk-SNARKs) to ensure confidentiality. When deciding to make a withdrawal, a user must prove that they do not have a secret that matches any of the deposits’ smart contract lists. The zk-SNARK technology then enables evidence to verify without requiring users to reveal which exact repository matches their secret.

TORN is the native governance token of the Tornado Cash protocol. It is a fixed-supply ERC-20 token that allows holders to vote on protocol upgrades and fixes. The token is available on exchanges like Binance, OKX, Bitget, etc.

Read also : Why is the crypto Terra (LUNA) attracting attention?

On Friday, the company revealed that it uses a tool developed by Chainalysis to block crypto wallets sanctioned by the US Office of Foreign Assets Control (OFAC). According to one of the founders of Tornado Cash, the blockade only applies to decentralized user-facing applications (DApps) and not the underlying smart contract.

Read also : Does Ethereum (ETH) Join the Merge Update? When is this happening?

The data source:

At the end of the line :

The TORN crypto was priced at US$42.91 at 10:33 a.m. ET on April 15, up 0.17%, while its volume over the past 24 hours fell 41.96% to 6.42 million US$. It has a market cap of US$47.19 million and its fully diluted market cap is US$429.13 million.

It has a maximum and total supply of 10 million, and its current circulating supply is over 1.09 million. It has returned 16.8% since the start of the year.

Read also : Why did VeThor Token (VTHO) crypto jump 299% today?

Risk Disclosure: Cryptocurrency trading involves high risks, including the risk of losing some or all of your investment amount, and may not be suitable for all investors. Cryptocurrency prices are extremely volatile and can be affected by external factors such as financial, regulatory or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade financial instruments or cryptocurrencies, you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience and appetite for the risk, and seek professional advice if necessary. Kalkine Media cannot represent and does not warrant that the information/data available here is accurate, reliable, current, complete, or suitable for your purposes. Kalkine Media declines all responsibility for any loss or damage resulting from your discussions or your reliance on the information shared on this website.