- TORN value dropped greater than 40%, falling from a excessive of $7.29 to a low of $3.55.
- This occurred after the Twister Money DAO accepted a malicious supply that contained an attacker bug.
- With full management over Twister Money’s administration system, the attacker started gathering locked votes.
The value of TORN has fallen sharply because the market reacts to cryptocurrency information of a malicious takeover of Twister Money.
Within the preliminary market response, the value of TORN plunged nearly 50%, with sellers pushing the token’s worth from $7.29 to a low of $3.55. Whereas additional losses are potential, the token rose to above $4.40 as consumers attempt to include the bears.
On the time of writing, Twister Money is ranked #1,103 by market cap on CoinGecko. It has a market cap of 6.8 million. USD, however a complete of 25.7 million had been traded within the final 24 hours. USD value of TORN.
Attacker maliciously hijacks Twister Money DAO
The value of Twister Money dropped after an attacker took management of the Twister Money DAO. The compromise occurred after the group accepted a malicious supply that the attacker used to empty funds from the administration treasury.
Twister Money is a cryptocurrency mixing service that runs on Ethereum. It was sanctioned by the US Treasury in 2023. February. The governance system controls the protocol updates and is managed by those that maintain the native tokens of the TORN venture.
in 2023 Might 20 the attacker allegedly added a further function to the replace supplied by TORN holders. This gave the unknown entity a further 1.2 million votes and efficient management over the cryptocurrency’s governance system.
On 2023-05-20 07:25:11 UTC, administration of Twister Money successfully ceased to exist. In a malicious bid, the attacker gave himself 1,200,000 votes. Since that is over ~700,000 professional votes, they now have complete management.https://t.co/nY87XmrYgT pic.twitter.com/h9qjc3xRqz
– @samczsun.com (@samczsun) in 2023 Might 20
As highlighted by the pseudonymous crypto intelligence account Samczsun, the management allowed the attacker(s) to withdraw 10,000 votes in TORN tokens. They bought them for $25,600 earlier than releasing the remainder of the blocked votes.
A complete of 483,000 TORN had been taken from the vault. 6,000 TORN had been deposited on the cryptocurrency alternate Bitrue, 379,000 had been bought on-chain for $680,000 value of Ether, leaving the attacker in charge of simply 100,000 TORN.
Following the compromise, Binance introduced it might droop TORN deposits till additional discover.
As a result of circumstances surrounding the protocol, #Binance will pause quickly $TORN deposits till additional discover.
— Binance (@binance) in 2023 Might 21
Tron founder Justin Solar stated TORN deposits and withdrawals on Huobi would stay open. Within the meantime, the Twister Money crew says it’s working to patch the vulnerability.
