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THORSwap Clamps Down on Unauthorized Transactions

Amidst rising illicit transaction concerns, THORSwap promptly moves to maintenance mode, reiterating its commitment to user safety and legal adherence.

THORSwap Acts Decisively Against Surging Illicit Activities

THORSwap, a renowned decentralized exchange based on the THORChain protocol, recently confronted a surge in illicit currency transactions. Committed to ensuring user safety and legal compliance, the platform responded promptly.

A milestone was achieved as THORSwap registered a whopping $355 million in trades. However, concerns loomed as hacker activities spiked concurrently, especially when the five-day transaction volume soared past $1 billion. Troublingly, a large part of this activity involved Bitcoin cross-chain transfers, with over half of ETH-to-BTC conversions in the past four months identified as illegal.

In a decisive response to thwart the influx of illegal funds, THORSwap, after comprehensive consultation with advisors, legal representatives, and law enforcement, temporarily switched its interface to maintenance mode. This essential move aimed to halt any deviant behavior on the platform instantly. During this period, routine activities like loans, borrowings, and staking remained unaffected.

Dedicated to safeguarding its platform against any nefarious activity, THORSwap’s transition to maintenance mode underscored its commitment to user safety and Bitcoin's compliance standards. The team is now working diligently to devise a sustainable strategy to fortify platform security and maintain its integrity. Keeping transparency at its core, THORSwap has reassured its community of immediate and appropriate action to address the ongoing concerns.

Taylor Monahan, a product manager at ConsenSys, voiced concerns over THORChain being potentially exploited by hackers and money launderers from regions like Russia and North Korea. The alarming trend of utilizing THORSwap routers for converting illegally procured ETH into BTC further exacerbates these apprehensions.

Despite these recent challenges, THORSwap's commitment remains unwavering. It pledges to shield its users and keep them abreast of all developments. The recent surge in transactions, as reported by the THORChain Explorer, is a testament to its growing stature.

THORSwap's proactive stance is a vital reminder to the broader crypto community of the importance of vigilance, compliance, and security. It underscores the crypto world's dedication to swiftly countering illicit activities and championing user protection.