“Yesterday, considering the seriousness of the event and as a result of our consultations with our advisors, legal counsels and local authorities, we preferred to put the THORSwap interface into a temporary maintenance mode.”

“The main reason for us to do this is to be able to stop potential illegal activities quickly. We are working on a more permanent and robust solution to constantly ensure the security and integrity of the THORSwap platform and THORSwap will remain in maintenance mode until this solution is implemented” they said.

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

Although this move temporarily halted trading operations, other services such as lending, borrowing, and staking continue to operate normally.

You might like: Tension Between Elon Musk And SEC

THORSwap, as a network allowing users to trade tokens freely between different blockchains, operates on THORChain. In November 2022, after the bankruptcy application of FTX and related companies, an unknown party managed to steal assets totaling $600 million from various wallets.

You can freely share your thoughts and comments about the topic in the comment section. Additionally, please don’ t forget to follow us on our Telegram, YouTube and Twitter channels for the latest news.

The post ThorSwap Halted Platform After Hack-Related Trading! appeared first on Coin Engineer.