THORSwap paused following FTX hacker’s transactions claims

October 06, 2023 06:58 PM AEDT | By Invezz

THORSwap paused following FTX hacker’s transactions claims — Image source: Invezz

THORSwap taking swift action to ensure security

The THORSwap team swiftly addressed the situation by taking its platform offline temporarily. This decision was prompted by a careful evaluation of the ongoing situation and the need to prevent any further illicit activities.

In a tweet, THORSwap stated that it is determined to remain in maintenance mode until it can establish a more permanent and robust solution to enhance the security and integrity of its 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

While the platform remains in maintenance mode, services like lending, borrowing, and staking actions continue to function without interruption.

FTX hacker’s activities raise concerns

In November 2022, shortly after FTX and its affiliated entities filed for bankruptcy, an undisclosed identity successfully siphoned off significant amounts, totalling $600 million, from multiple FTX-affiliated cryptocurrency wallets. The hacker converted part of the stolen ETH to BTC in an attempt to cash out his loot.

Fast forward to the current situation at THORSwap. Just last week, the FTX hacker, whose identity remains concealed, executed a series of transactions involving over 22,500 ETH across diverse platforms, with THORSwap being one of the platforms used.

These transactions occurred in close proximity to the impending trial of FTX’s founder and former Chief Executive Officer, Sam Bankman-Fried, adding a layer of complexity to the lingering mysteries surrounding the downfall of the FTX cryptocurrency exchange in the previous year.

THORSwap’s decision to pause its platform is a precautionary measure to address these issues and enhance security measures before resuming regular trading operations.

The post THORSwap paused following FTX hacker’s transactions claims appeared first on Invezz.

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