Tornado Cash DAO Approves Proposal To Gain Partial Control Over Treasury

HomeDeFi
Share this article
Subscribe for weekly updates
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

The Tornado Cash DAO community hastily voted to add the DAO as a signatory to its $21.6M treasury. 

The Ethereum-based mixer platform came under fire a few days ago when the US Treasury accused the firm of money laundering and sanctioned it. Since then, many crypto platforms have blacklisted Tornado Cash. The DAO’s website and GitHub pages were also removed. 

However, the storm does not seem to be letting up for the platform, as Alexey Pertsev, a developer accused of being affiliated with Tornado Cash, was arrested in Amsterdam earlier today. 

In light of these events, the Tornado Cash DAO passed a proposal to transition from a four-of-five to a four-of-six multi-signature arrangement, with the DAO as one signatory. This means that if any of the other developers were to make a transaction related to the Treasury, they would need to ask the DAO to approve the signature. 

With only three signers left, the proposal’s author claims this would allow the community to manage the funds if something happened to 2 of the signers.

The voting process, meant to last three days, began on Wednesday and ended today with a 100% approval in favor of this proposal, as the participants contributed a total of 51K TRON tokens to see the process completed. The links to Tornado DAO’s Discord server and governance forum were disabled soon after the proposal’s approval.

Written by
Ayush Pande

The Tornado Cash DAO community hastily voted to add the DAO as a signatory to its $21.6M treasury. 

The Ethereum-based mixer platform came under fire a few days ago when the US Treasury accused the firm of money laundering and sanctioned it. Since then, many crypto platforms have blacklisted Tornado Cash. The DAO’s website and GitHub pages were also removed. 

However, the storm does not seem to be letting up for the platform, as Alexey Pertsev, a developer accused of being affiliated with Tornado Cash, was arrested in Amsterdam earlier today. 

In light of these events, the Tornado Cash DAO passed a proposal to transition from a four-of-five to a four-of-six multi-signature arrangement, with the DAO as one signatory. This means that if any of the other developers were to make a transaction related to the Treasury, they would need to ask the DAO to approve the signature. 

With only three signers left, the proposal’s author claims this would allow the community to manage the funds if something happened to 2 of the signers.

The voting process, meant to last three days, began on Wednesday and ended today with a 100% approval in favor of this proposal, as the participants contributed a total of 51K TRON tokens to see the process completed. The links to Tornado DAO’s Discord server and governance forum were disabled soon after the proposal’s approval.

Written by
Ayush Pande