THORSwap halts Platform After shady trades connected to FTX hacks

THORSwap is “temporarily transitioning” into maintenance mode to shorten the rise in clearly criminal funds transferring via the platform.
THORSwap halts Platform After shady trades connected to FTX hacks

In response to a spike in potentially illegal money passing through the site, THORSwap, a decentralized exchange powered by THORChain, said it is “temporarily transitioning” into maintenance mode.

“A pressing and ongoing concern has recently surfaced: the potential movement of illicit funds through THORChain and, specifically, THORSwap,” wrote THORSwap in a tweet. Such conduct has no place on the THORSwap platform, and the company vehemently opposes all unlawful activity.

The decision was made after consulting with legal professionals, advisers, and law enforcement organizations. Until a more durable and long-lasting solution can be put in place to guarantee the platform’s ongoing security and integrity, the platform will momentarily stay in maintenance mode.

Trading operations are effectively stopped by the action. However, the behaviors of lending, borrowing, and staking are all completely useful services. Users can freely exchange tokens between various blockchains thanks to the THORChain network, which powers THORSwap.

After the FTX hacker moved 22,500 ETH ($38 million) this week, including trading ether for bitcoin via ThorChain, this action was taken. The FTX hacker is infamous for making questionable withdrawals from FTX, the defunct cryptocurrency exchange, and currently possesses approximately 163,000 ETH ($275 million) in ether across multiple wallets.

Read Also: FTX Hacker Moves Over 10,000 ETH To Bitcoin Via THORChain

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