Arijit SarkarOct 06, 2023THORSwap goes into ‘maintenance mode’ to counter illicit funds movementTHORSwap acknowledged the ongoing illicit use of the DEX and is acting to find a permanent solution to the misuse.2180 Total views12 Total sharesListen to article 0:00NewsJoin us on social networksTHORSwap, a decentralized exchange (DEX) powered by the multichain THORChain protocol, has entered “maintenance mode” to prevent bad actors from moving illicit funds through the platform.
The protocol took the actions on Oct. 6 as an immediate measure to counter the potential movement of illicit funds. The decision came after consulting with advisers, legal counsel and law enforcement, according to the original announcement.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
Bad actors often use cross-chain platforms such as THORSwap to move funds across multiple blockchains in an effort to make them untraceable. THORSwap has acknowledged the ongoing predicament and said it will find a permanent solution to counter the misuse.“THORSwap will remain in this (maintenance) mode until a more permanent and robust solution can be implemented to ensure the platform’s continued security and integrity.”
While most of the community did not welcome the decision to temporarily pull the plug on the platform, the move was attributed to the DEX’s intent to serve its customers for the long term. The company shared no further information on the ongoing investigations and remediation plans.
THORSwap did not respond to Cointelegraph’s request for comment.
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