Tornado Cash Token Tumbles After Developer Arrest

TORN, the token of Tornado Cash, plummeted as much as 24% after a developer for the crypto transaction mixing protocol was arrested in Amsterdam on Friday. 

The drop extended the slide begun earlier this week after the US Treasury Department banned US citizens from using the Ethereum-based protocol.

The site is one of the most common platforms for those who want to obfuscate crypto transactions.

It has been used by a North Korean hacking group linked to the $625 million

attack on the blockchain gaming project Axie Infinity in March as well as facilitating a variety of cyber crimes

TORN is relatively small, with market value of about $135 million, according to data from CoinMarketCap.

Bitcoin, by comparison, has a market value of around $455 billion.

TORN was down about 16% to $14.23 as of 3:03 p.m. in New York.