Tornado Cash Plummets 17% as Roman Storm’s Legal Woes Cast Shadow Over Privacy Token
Tornado Cash takes a nosedive as regulators circle—because nothing says 'decentralization' like a subpoena.
Privacy protocol's token tanks 17% amid mounting legal pressure on founder Roman Storm. The drop comes as the SEC sharpens its claws—apparently allergic to financial anonymity unless it's their own.
Storm's legal cloud triggers sell-off. Investors flee as the DOJ plays its favorite game: 'Whack-a-Crypto-Dev.' Meanwhile, Tornado's mixing tech keeps tumbling—down 17% and counting.
Market reacts to regulatory FUD. Traders dump TORN while compliance officers everywhere smugly adjust their ties. The irony? Banks launder billions annually, but heaven forbid a crypto project offers privacy.
What's next for privacy coins? Either Storm weathers this storm, or Tornado Cash gets added to the SEC's growing trophy wall next to Telegram and Ripple. Place your bets—the house always wins.
The Tornado Cash community is reeling after Roman Storm, one of the key developers, was found guilty of operating an unlicensed money transmitting business. Although the jury couldn’t agree on the more serious charges of money laundering and violating U.S. sanctions. However, the partial conviction has already cast a long shadow over the protocol’s future.
In a MOVE that surprised some, the judge allowed Storm to remain free ahead of his sentencing, suggesting that the court doesn’t view him as an immediate threat. However, the uncertainty around his potential sentence and the case’s broader implications for decentralized privacy projects have rattled investors. And that unease is clearly reflected in TORN’s recent price action.
TORN Price Analysis:
Tornado Cash is currently changing hands at $10.38, with a sharp 16.99% drop in the last 24 hours and a 23.03% decline over the past week. The market cap has shrunk accordingly to $4.62 million, while the intraday trading volume spiked by 399.12% to $428.81k.
The chart I’ve shared shows TORN dipping as low as $9.92 during the last 24 hours, before rebounding modestly toward its current level. The daily candle wick pierced below the lower Bollinger Band, typically a sign of oversold conditions. However, resistance remains stiff at the $13.079 level, and the support at $8.663 looms as a potential retest zone if bearish momentum persists.
Talking about indicators, the RSI has plummeted to 45.75, down from overbought territory NEAR 62.69. If TORN price fails to reclaim the $11.62 mid-Bollinger level, it may struggle to reverse the trend in the short term. For now, traders should brace for continued volatility as the market digests the legal developments.
FAQs
Why did TORN’s price drop so significantly?The price crash followed the guilty verdict against Tornado Cash developer Roman Storm, shaking investor confidence.
Is TORN oversold at current levels?The RSI is near 45.75, and the break below the lower Bollinger Band suggests potential oversold conditions.
What key levels should traders watch?Immediate resistance is at $13.079, while critical support lies at $8.663 if bearish pressure continues.
