<\/p>\n
THORchain-powered decentralized exchange (DEX) THORswap paused its usage after the persistent \u201cmovement of illicit funds\u201d illicit funds through the platform.<\/p>\n
In an Oct. 6 statement<\/a> on X (formerly Twitter), the protocol decided to \u201ctemporarily transition the THORSwap interface into maintenance mode\u201d after extensive \u201cconsultation with advisors, legal counsel, and law enforcement.\u201d<\/p>\n THORSwap said the move was made to \u201cswiftly curtail any further potential illicit activity\u201d and expressed strong opposition to using its platform for any criminal activities<\/a>. It added:<\/p>\n \u201cTHORSwap will remain in this mode until a more permanent and robust solution can be implemented to ensure the platform\u2019s continued security and integrity.\u201d<\/span><\/p>\n<\/blockquote>\n Cryptocurrency researcher Tayvano reported<\/a> that more than 50% of the Ethereum moved through the THORSwap router during the last four months were stolen funds.<\/p>\n The researcher estimated that 34,583 ETH, approximately $57 million, of \u201cclearly stolen funds, were swapped into Bitcoin via THORSwap. They also added that at least another 3,300 ETH has been laundered through the platform.<\/p>\n Due to this development, THORSwap\u2019s users will be unable<\/a> to use the platform\u2019s Swaps feature. However, they can still borrow and stake their asset via the protocol.<\/p>\n Meanwhile, THORChain said<\/a> THORSwap\u2019s decision does not affect its operations, as its network remains fully operational and capable of supporting a variety of interfaces.<\/p>\n \u201cTHORChain, the network, is fully operational and can handle many different interfaces built on top of it. Interfaces include, Shapeshift, Rango, Trust Wallet, Ledger, XDefi, Asgardex, Edge wallet and more.\u201d<\/p>\n<\/blockquote>\n THORChain said THORSwap only \u201ccaters to users, presents data, and quotes their swap requests,\u201d adding that users are still tasked with building a swap and submitting the transaction directly to ETH\/BTC nodes.<\/p>\n It added:<\/p>\n \u201cThe transaction is confirmed on respective L1 networks, and THORChain nodes react to these tx\u2019s in an atomic and immutable way. No THORChain node can unilaterally affect a transaction; 16\/20 work together to sign transactions. If a group fail to do a transaction, they are slashed and the swap is re-delegated to a different vault. This ensures tx execution guarantees.\u201d<\/p>\n<\/blockquote>\n The post THORSwap moves to \u2018maintenance mode\u2019 to halt proliferation of unlawful transactions<\/a> appeared first on CryptoSlate<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" THORchain-powered decentralized exchange (DEX) THORswap paused its usage after the persistent \u201cmovement of illicit funds\u201d illicit funds through the platform. In an Oct. 6 statement on X (formerly Twitter), the protocol decided to \u201ctemporarily transition the THORSwap interface into maintenance mode\u201d after extensive \u201cconsultation with advisors, legal counsel, and law enforcement.\u201d THORSwap said the move […]<\/p>\n","protected":false},"author":2,"featured_media":169424,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-169423","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/169423","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=169423"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/169423\/revisions"}],"predecessor-version":[{"id":169430,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/169423\/revisions\/169430"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/169424"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=169423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=169423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=169423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
Over 50% of funds moved through THORSwap are stolen<\/h2>\n
THORChain \u00a0unaffected<\/span><\/h2>\n
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