Key Takeaways
THORSwap DEX is now in maintenance mode.
THORChain-based decentralized exchange THORSwap announced via
THORChad folks,
Recently, an urgent and ongoing concern has come to light: the potential movement of illicit funds through THORChain, particularly THORSwap. Such activities have no place on the THORSwap platform and THORSwap stands firm against all crimes…
— THORSwap ⚡ #BetterThanCEX (@THORSwap) October 6, 2023
The team noted that the movement of illicit funds through platforms is an urgent and ongoing concern and must be addressed as quickly as possible. THOSwap wrote:
THORSwap posted on “Such activities have no place on the THORSwap platform and THORSwap firmly opposes any criminal activity.”
The decentralized exchange decided to place its platform into maintenance mode after consultation with legal experts, advisors and law enforcement agencies. THORSwap will remain in maintenance mode until the team comes up with a more permanent and robust solution that can be implemented to ensure the continued security and integrity of the platform.
FTX hackers move funds via THORSwap.
THORSwap’s main concern was that the individuals or entities behind the suspicious withdrawals from the collapsed cryptocurrency exchange FTX (commonly referred to as “FTX hackers”) were moving funds through that platform.
On-chain analyst Lookonchain revealed Hackers have transferred 22,500 ETH ($38 million) so far this week. Hackers moved funds by swapping ether for bitcoin via THORChain and Railgun. The FTX hacker currently holds over 163,000 ETH ($275 million) in multiple wallets.
This latest development comes days after Taylor Monahan, product manager at Consensys, claimed that Russian and North Korean hackers and money launderers were using THORChain in their operations. The administrator added that more than 50% of Ethereum funds have been stolen from Bitcoin transactions on THORSwap routers in the past four months.
The THORSwap team assured the community that they are doing everything possible to resolve the situation and resume operations quickly.
RUNE, the native coin of the Thorchain network, has been underperforming over the past few hours. At the time of reporting, Torchain price (RUNE) is down 4% over the last 24 hours to $1.94.