{"id":169840,"date":"2023-10-07T06:41:38","date_gmt":"2023-10-07T01:11:38","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=169840"},"modified":"2023-10-07T06:41:38","modified_gmt":"2023-10-07T01:11:38","slug":"thorswap-goes-into-maintenance-mode-to-counter-illicit-funds-movement-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/thorswap-goes-into-maintenance-mode-to-counter-illicit-funds-movement-crypto-news\/","title":{"rendered":"THORSwap goes into \u2018maintenance mode\u2019 to counter illicit funds movement – Crypto News"},"content":{"rendered":"
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THORSwap, a\u00a0decentralized exchange (DEX)<\/a> powered by the multichain THORChain protocol, has entered \u201cmaintenance mode\u201d to prevent bad actors from moving illicit funds through the platform.<\/p>\n

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,\u00a0according<\/a> to the original announcement.<\/p>\n

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Fellow THORChads,<\/p>\n

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\u2026<\/p>\n

\u2014 THORSwap \u26a1 #BetterThanCEX (@THORSwap) October 6, 2023<\/a><\/p><\/blockquote>\n

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.<\/p>\n

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\u201cTHORSwap will remain in this (maintenance) mode until a more permanent and robust solution can be implemented to ensure the platform\u2019s continued security and integrity.\u201d<\/p>\n<\/blockquote>\n

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\u2019s intent to serve its customers for the long term. The company shared no further information on the ongoing investigations and remediation plans.\u00a0<\/p>\n

THORSwap did not respond to Cointelegraph\u2019s request for comment.<\/p>\n

Related:\u00a0Binance to shut down BUSD lending by October 25<\/a><\/strong><\/em><\/p>\n

As THORChain works toward strengthening its security measures before restarting its services,\u00a0decentralized finance (DeFi)<\/a> lending protocol Yield Protocol announced its decision to permanently shut down<\/a>, citing a\u00a0lack of business demand and rising regulatory pressures in\u00a0the United States, Europe and the United Kingdom.<\/p>\n

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We\u2019ve made the tough decision to wind down the Yield Protocol. The March 2024 fixed rate series will not be launched. Only the December 2023 series remains active for borrowing and lending. All borrowing and lending will end by December 31st. https:\/\/t.co\/oHnCGgeP13<\/a><\/p>\n

\u2014 Yield Protocol (@yield) October 3, 2023<\/a><\/p><\/blockquote>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

THORSwap, a\u00a0decentralized exchange (DEX) powered by the multichain THORChain protocol, has entered \u201cmaintenance mode\u201d 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 […]<\/p>\n","protected":false},"author":2,"featured_media":169841,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-169840","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/169840","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=169840"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/169840\/revisions"}],"predecessor-version":[{"id":169843,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/169840\/revisions\/169843"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/169841"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=169840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=169840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=169840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}