THORSwap Resumes Operations After Brief Maintenance

DEX Platform Back Online

Decentralized exchange (DEX) THORSwap has announced that it has resumed operations after a brief period of maintenance. The platform is now back online and users are encouraged to continue swapping assets across various blockchains.

Temporary Halt Due to Illicit Funds

THORSwap initially halted swaps on its platform as a precautionary measure to address the potential movement of illicit funds. The platform detected illicit use and decided to pause operations in order to find a permanent solution to this issue.

No Major Changes, Just Updated Terms of Service

THORSwap has made no significant changes to its platform, apart from updating its terms of service. Users are now required to comply with applicable laws and refrain from engaging in any unlawful financial activity. The platform reserves the right to restrict user access in case of violations.

Controversy Surrounding Updated Terms

The cryptocurrency community has expressed concerns about THORSwap's updated terms of use, questioning the platform's decentralized status. Some users have compared the new rules to those typically found on centralized exchanges.

THORSwap Clarifies Centralization Status

THORSwap's founder Erik Voorhees has clarified that THORSwap and THORChain are different entities. While THORSwap is a centralized company that made decisions about its own interface, THORChain remains a decentralized protocol.

Additional Protections Against Illicit Funds

THORSwap has partnered with an industry leader to implement additional protections against the flow of illicit funds. The platform may need to fine-tune these measures in the coming days.

Hacker of Defunct Crypto Exchange FTX Moves Stolen Funds

On the same day THORSwap resumed operations, blockchain analytics firm Elliptic reported that the hacker responsible for the FTX attack had started moving the stolen funds. The hacker used THORSwap to convert a significant amount of Ether into Bitcoin before sending the cryptocurrency through sanctioned mixers.

Traceability of Stolen Funds

THORSwap has emphasized that the FTX exploiter's funds can be easily traced once they have been swapped to Bitcoin. However, once the cryptocurrencies have gone through mixers, they become untraceable.