Companies Editor's Picks News

THORSwap Takes Action Against the Movement of Illicit Funds on its Platform

THORSwap Takes Action Against the Movement of Illicit Funds on its Platform

THORSwap, a decentralized exchange (DEX) powered by THORChain, has announced that it is temporarily suspending its crypto trading operations due to the potential movement of illicit funds through its platform. The decision was made in consultation with legal experts, advisors, and law enforcement agencies, according to a statement posted on X.

THORSwap is a DEX that allows users to swap tokens across different blockchains without intermediaries or custodians. It is built on top of THORChain, a network that enables cross-chain liquidity pools and decentralized lending and borrowing. THORChain has recently hit a record-setting $355 million trading volume in a day.

THORSwap’s Team Took Immediate Action

However, THORSwap has also attracted the attention of hackers and criminals who have used the platform to launder stolen funds. One of the most notable cases is the FTX hacker, who moved 22,500 ETH ($38 million) this week, including exchanging ether for Bitcoin through THORChain. 

The FTX hacker holds over 163,000 ETH ($275 million) in ether across several wallets and is known for suspect withdrawals from FTX, the collapsed crypto exchange.

THORSwap Takes Action Against the Movement of Illicit Funds on its Platform

To prevent further abuse and ensure the security and integrity of its platform, THORSwap has decided to enter maintenance mode until a more permanent and robust solution can be implemented. This means that trading operations will be halted, but lending, borrowing, and staking actions will remain functional. 

The platform also stated that it stands firmly against any and all criminal actions and that it will cooperate with the authorities to track down and prosecute the offenders.

THORSwap apologized to its users for any inconvenience caused by the temporary suspension and assured them that their funds were safe. It also thanked its community for their support and understanding and promised to update them on the progress of the situation. 

THORSwap hopes to resume its normal operations as soon as possible and continue to provide a fast, secure, and decentralized way to swap tokens across different blockchains.

The native token of the Thorchain network, RUNE, has seen a decrease in its value in recent hours. Currently, Thorchain (RUNE) is priced at $1.92, reflecting a 4% drop over the past 24 hours.

Related posts

Whale withdrew 96 million USDT from the Tether Treasury

fernando

Bitcoin and Ethereum Set New ATH, Here is Why More is to Come

Steven Msoh

Polygon Launches Decentralized ID Products Utilizing ZK Tools

Afroz Ahmad