Tornado Cash Fell Almost 55 Percent after Binance Announced it Would Delist Token

Binance announced the delisting of Tornado Cash, and the token momentarily fell by 56% from nearly $4.00 to $1.66, but then recovered to $1.88 as of now. The still-largest cryptocurrency exchange also announced that it will delist BitShares, PERL.eco, and Waltonchain tokens.

Tornado Cash co-founder Roman Storm pleaded not guilty in September in New York District Court to charges of conspiring to launder money, along with co-founder Roman Semenov. Prosecutors called Tornado Cash "a notorious cryptocurrency mixer who laundered more than $1 billion in criminal proceeds and violated U.S. sanctions."

Tornado Cash is a service that mixes different streams of potentially identifiable cryptocurrency and thus prevents the cryptocurrency from being tracked from one address to another. Tornado Cash is a decentralized cryptomixer, that uses smart contracts that accept cryptocurrency and then allow them to be withdrawn to other addresses. Since withdrawals are made from the project's smart contract liquidity pools, there is no way to know who the original sender is.