THORSwap Halts Operations Following a String of FTX Hack-Related Trades

Crypto News- Last Friday, THORSwap exchange took a significant step by announcing its shift into “maintenance” mode in light of a series of transactions involving illicitly-linked funds that had taken place on the platform over the past few days. This decision to transition into maintenance mode was made after conducting a thorough evaluation of the situation and seeking counsel from advisors, legal experts, and law enforcement, as detailed in a tweet by the THORSwap development team.

THORSwap Halts Operations Following a String of FTX Hack-Related Trades

In their statement, the developers emphasized the need to promptly address any potential illicit activity. They mentioned, “This action was taken to swiftly curtail any further potential illicit activity. THORSwap will remain in this mode until a more permanent and robust solution can be implemented to ensure the platform’s continued security and integrity.” As a result of this decision, trading operations on the platform were effectively put on hold. However, it’s worth noting that essential services such as lending, borrowing, and staking continued to operate without disruption.

THORSwap, as a platform, is built on the THORChain network, which enables users to freely trade tokens across various blockchains. This recent development draws parallels to a previous incident that occurred in November 2022 when an unidentified party managed to siphon off substantial amounts, possibly as much as $600 million, from various wallets shortly after FTX and its affiliated companies filed for bankruptcy.