The FTX Hack-related Trades Have Caused THORswap to Pause Its Platform

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Last Updated on October 6, 2023 by Bitfinsider

The THORSwap exchange announced on Friday that it would enter “maintenance” mode following several days of cash tied to criminal activity moving across the platform.

The company “stands firmly against any and all criminal actions,” according to a message from a THORSwap developer.

The THORSwap developers tweeted: “Yesterday, following a careful evaluation of the situation and consultation with advisors, legal counsel, and law enforcement, the decision was made to temporarily transition the THORSwap interface into maintenance mode.” 

“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,” the developers stated.

Trading activities are essentially halted by the action. On the other hand, all services, including lending, borrowing, and staking operations, are completely functional.

Operating on THORChain, a network that permits users to freely exchange tokens between various blockchains, is THORSwap.

Soon after FTX and its affiliated companies filed for bankruptcy in November 2022, an unidentified individual was able to syphon perhaps up to $600 million from a number of wallets.

The hacker, whose identity is still unknown, passed over 15,000 ether last week over a variety of networks, including THORSwap. The transferring funds add to one of the unanswered questions behind the collapse of the exchange last year. They arrive just before the trial of FTX founder and former CEO Sam Bankman-Fried.

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