THORSwap Pauses Its Platform After Trades Linked to FTX Hack Incidents Oct 6, 2023, 13:24 GMT+7

THORSwap exchange announced on Friday that it is temporarily entering a “maintenance” mode following a series of transactions involving illicitly-acquired funds on the platform in recent days.

In a statement to CoinDesk, a THORSwap developer expressed the team’s strong stance against any criminal activities.

“Yesterday, after a thorough evaluation of the situation and consultations with advisors, legal experts, and law enforcement, we decided to temporarily switch the THORSwap interface to maintenance mode,” stated THORSwap developers in a tweet.

“This action was taken to promptly halt any potential illicit activities. THORSwap will remain in this mode until a more permanent and robust solution can be implemented to ensure the platform’s ongoing security and integrity,” they added.

This move effectively suspends trading activities. However, services like lending, borrowing, and staking are all operating as usual.

THORSwap operates on the THORChain network, which enables users to freely exchange tokens across different blockchains.

In November 2022, shortly after FTX and its affiliated companies filed for bankruptcy, an unidentified party managed to siphon off as much as $600 million from various wallets.

Last week, the hacker, whose identity remains undisclosed to this day, transferred over 15,000 ether through various platforms, including THORSwap. These movements of funds occur just before the trial of FTX founder and former CEO Sam Bankman-Fried, adding to the ongoing mysteries surrounding the exchange’s collapse last year.