Tornado Cash’s Token TORN Plunged Yesterday; Snap Inc is in the Early Stages of Planning Layoffs: Tech Market Roundup

Here are some quick tech catch for you so that you stay updated with the latest crypto and tech news

Good morning Tech Fam, here's a quick tech update for you to catch on:

What's new today: Twitter has confirmed a zero-day attack that took place in December 2021; TORN plunged yesterday after the US Treasury Department imposed sanctions on the crypto market.

Fast-Trach Insights: Snap Inc is in the early stages of planning layoffs; The impact of the Treasury Department's crackdown on Tornado Cash; The Indian government is reportedly looking to restrict Chinese brands.

Tornado Cash's token TORN plunged yesterday after the US Treasury Department imposed sanctions on the cryptocurrency mixer. The crypto token was down 24% during Asian hours to US$22, as per CoinGecko data.  TORN has lost 95% of its value since its all-time high in February last year.

Bitcoin, the largest cryptocurrency by market capitalization was recently trading just above US$23,200, down more than 2% over the past 24 hours and far removed from its temporary perch of nearly US$1,000 higher earlier Monday. Investors are apparently hunkered down waiting for the morning release of July's Consumer Price Index (CPI) in the U.S.

Snap Inc is in the early stages of planning layoffs, the Verge reported on Monday, citing people familiar with the plans. The scope of the job cuts is currently unclear as managers are still planning it for their teams, the report said, adding that the Snapchat owner has more than 6,000 employees. Snap declined to comment when contacted by Reuters.

Twitter has confirmed a zero-day attack that took place in December 2021, where the attacker claimed to have obtained information from 5.4 million users on the platform. The attack, which was reported last month, has now been confirmed and the company has said that the exploit that was used to make it happen has been fixed.

The Indian government is reportedly looking to restrict Chinese brands like Xiaomi, Realme, and Oppo from selling budget smartphones in the country. According to sources quoted by Bloomberg in this report, the country's regime wants to stop these brands from selling smartphones below Rs 12,000 and help the domestic brands kick-start their business once again.