August 10, 2022

The Twister Money group voted towards a proposal to transform TORN to wrapped ETH (wETH) to assist diversify the treasury.

Over two-thirds of the Twister group rejected the proposal to promote TORN-v-1 at a 20% low cost to acquire ETH utilizing decentralized trade aggregator 1inch. The sale of TORN-v-1, a token used as a part of TornadoCash’s governance system to generate staking yield, would have been crowd offered underneath a two-week restrict order and locked up for a 12 months earlier than unstaking. Locked-up TORN-v-1 tokens could be redeemable for 1 TORN token on the finish of the lock-up interval. The minimal TORN shopping for worth would have been mounted at 0.008 ETH.

The proposal was first offered to the group on June 29, 2022, by “ayefda.” It was touted as a approach to receive vital companions which might diversify the DAO’s treasury by shopping for TORN at a reduction. Neighborhood member “ayefda” additionally identified that incoming wETH would assist shore up liquidity and assist the group entice extra contributors throughout the present bear market.

The group selected to reject the proposal with ETH deal with 0xFfCF0A92A6A8C04b85aB8685ae98b46C243b871c on July 4, 2022. In line with the voting web page, 68% of 180k TORN holders voted towards the proposal.

A Twitter consumer “@WUTornado” lauded the DAO for proving its decentralization, noting a 200% improve in votes in comparison with the final proposal.

Twister Money implicated in high-profile DeFi hacks

Twister Money is a instrument to interrupt the hyperlink between the supply and vacation spot of an Ethereum transaction. It makes use of sensible contracts which settle for funds from one deal with and permit their withdrawal to a different. After funds are deposited, customers’ belongings and transactions are blended, concealing the transaction’s route.

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Twister Money has been implicated in anonymizing funds from cryptocurrency hacks. Blockchain analysts have famous a sequence of transactions involving the latest hack of Concord’s Horizon bridge, a software program element permitting the switch of tokens between two totally different blockchains, as having a forensic footprint much like North Korean money-laundering strategies. The hackers despatched $100,000 in 100 ETH increments to Twister Money.

In March, North Korean hackers codenamed the Lazarus Group are believed to have stolen over $600 million from a bridge used within the play-to-earn sport Axie Infinity earlier than funneling a lot of it by Twister Money.

Different DAOs taking steps to strengthen funds

Different DAOs have additionally taken steps to harden their treasuries towards the present market downturn. Staking service Lido Finance will vote on a proposal to promote 10,000 ETH, whereas Fei Protocol has voted to promote AAVE, Compound, Convex, and others in trade for the DAI stablecoin issued by MakerDAO.

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