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Guilty Verdict Sends TORN Price Crashing 15% — What’s Next?

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TL;DR

  • Tornado Cash developer Roman Storm was found guilty of operating an unlicensed money service business.
  • TORN price dropped below $10 after the court decision, recording a 24% loss over seven days.
  • Active addresses spiked to 173 on August 6, likely driven by wallet activity during market sell-off.

Court Finds Tornado Cash Developer Guilty

Roman Storm, a developer and co-founder of Tornado Cash, has been found guilty of running an unlicensed money transmittal business. The verdict came from a federal jury in Manhattan on August 6, following four days of deliberations.

Meanwhile, the court reached a decision on one felony charge. The jury did not reach agreement on two other charges tied to money laundering and sanctions violations. Storm now faces a sentence that could reach up to five years in prison.

TORN Price Falls After Court Ruling

Notably, the price of Tornado Cash (TORN) dropped about 15% following the verdict. The token was trading at $10.3 at press time, with a 24-hour trading volume of roughly $1.7 million. It has lost nearly 18% in one day and around 24% over the past week.

Before the decision, analyst Papa Wheelie suggested the token could dip if there was a guilty verdict. He noted that while downside was likely in that case, he expected the protocol itself to stay active and could recover in time.

Indicators Show Continued Downward Pressure

Price charts for the TORN/USDT pair show strong selling. The Relative Strength Index (RSI) dropped to 32, approaching oversold conditions. It also moved below its signal line, which had been at 45.

TORN price chart
Sumber: TradingView

Furthermore, the MACD indicator is also negative. Its line is under the signal line, and there are red bars in the histogram which are still increasing. Both indicators indicate active selling with no imminent indications of reversal.

Activity on Network Increases

The number of active addresses on the Tornado Cash network rose sharply on August 6, reaching 173. This marked the highest level in the past month. It came as the price dropped below $10.

glassnode-studio_torn-number-of-active-addresses
Source: Glassnode

For most of July, the count stayed between 60 and 120 addresses. The spike in activity may be linked to users moving funds in response to the legal outcome. It likely reflects increased caution rather than new demand.

Pos Guilty Verdict Sends TORN Price Crashing 15% — What’s Next? muncul pertama kali di CryptoPotato.

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