Key takeaways

THORChain-based decentralised exchange THORSwap is currently in maintenance mode.

The DEX seeks to curb a rise in potentially illicit funds moving through the platform.

THORChain-based decentralised exchange THORSwap announced via X (formerly Twitter) that it is temporarily transitioning” into maintenance mode as it seeks to curb the surge in potentially illicit funds moving through the platform.

Fellow THORChads,

A pressing and persistent concern has recently come to light: the potential movement of illicit funds through THORChain and, specifically, THORSwap. Such activities have no place on the THORSwap platform, and THORSwap stands firmly against any and all criminal…

— THORSwap ⚡ #BetterThanCEX (@THORSwap) October 6, 2023

The team pointed out that the movement of illicit funds through its platform is a pressing and persistent concern and needs to be addressed as soon as possible. THOSwap wrote that,

“A pressing and persistent concern has recently come to light: the potential movement of illicit funds through THORChain and, specifically, THORSwap,” THORSwap posted on X (formerly Twitter). “Such activities have no place on the THORSwap platform, and THORSwap stands firmly against any and all criminal actions.”

The decentralised exchange decided to put the platform in a maintenance mode following 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 platform’s continued security and integrity.

THORSwap’s primary concern was the fact that the individual or entity behind suspicious withdrawals from the collapsed crypto exchange FTX (commonly called the “FTX hacker) moved funds through its platform.

On-chain analyst Lookonchain revealed that the hacker has so far transferred 22,500 ETH ($38 million) this week. The hacker moved the funds by wapping ether for bitcoin through THORChain and Railgun. At the moment, the FTX hacker has over 163,000 ETH ($275 million) across several wallets.

This latest development comes a few days after Taylor Monahan, a product manager a Consensys, claimed that Russian and North Korean hackers and money launders use THORChain for their operations. The manager added that in the last four months, over 50% of the ether to THORSwap router to bitcoin transactions have been stolen funds.

The THORSwap team assured its community that they were doing everything possible to tackle the situation and resume operations swiftly. 

RUNE, the native coin of the Thorchain network, has been underperforming over the past few hours. At press time, the price of Thorchain (RUNE) stands at $1.94, down by 4% in the last 24 hours. 

The post Thorchain’s THORSwap DEX now in maintenance mode amid illicit activity appeared first on CoinJournal.

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