Tornado Cash (TORN) price and Total Value Locked (TVL) rose while the broader cryptocurrency market was consolidating in a bearish mood.
TORN has risen by 11.8% in the last 24 hours and is trading at $3.36 at the time of writing.
The market capitalization of the asset crossed the $17 million mark with a daily trading volume of $51,000. TORN is currently the 957th largest cryptocurrency.
Furthermore, the asset briefly touched an intraday high of $3.39 earlier in the day, at around 08:40 UTC.
Despite the current price surge, TORN is still down 99.23% from its all-time high of $437.41 on February 13, 2021. Notably, the Tornado Cash token reached an all-time low of $1.31 on January 10 – before Five months. .
TORN's price rise comes as the global market capitalization of cryptocurrencies rises registered It is down 0.5% over the past 24 hours and is currently hovering at $2.67 trillion.
according to Data Provided by Defi Llama Tornado Cash defi protocol's TVL rose 7% over the past day, reaching $614.18 million – a level last seen on May 5, 2022. Wrapped Ethereum (WETH) has the largest token allocation in the protocol.
Data shows that the Tornado Cash defi protocol, an Ethereum-based privacy tool, saw inflows worth $41.63 million in USD today.
Tornado Cash's collapse began in August 2022, when the US Treasury Department's Office of Foreign Assets Control (OFAC) sanctioned the platform for money laundering. It is worth noting that the authorities arrested its founder, Alexei Burtsev, in the Netherlands a few days after the sanctions were announced.
On May 30, Ethereum co-founder Vitalik Buterin donated 30 ETH to Juicebox’s “Free Alexey & Roman” campaign, showing support for Tornado Cash developers.