THORSwap Halts Platform Due to Trades Linked to the FTX Hacker

The THORChain-based THORSwap exchange announced that they have detected an increase in potentially illegal fund movements on their platform and have transitioned to “maintenance mode”. It was noted that this decision was taken particularly due to the massive transfers of 22,500 ETH conducted by the individual known as the “FTX hacker”.

The decentralized exchange THORSwap, built on the THORChain infrastructure, recently identified a surge in illicit funds circulating on its platform. This discovery prompted the exchange to swiftly transition to “maintenance mode.” As the rationale behind this decision, THORSwap emphasized their unwavering commitment to standing firmly against any criminal activities.

Illegal Fund Activities Detected

In its latest announcement, THORSwap highlighted the illicit fund movements that transpired on the platform in recent days. The exchange stressed that such activities have no place on the THORSwap platform and firmly stated that such operations would not be permitted.

After a comprehensive evaluation of the situation, exchange authorities decided to shift the platform into “maintenance mode” to thwart further illegal activities. THORSwap will remain in this mode to ensure the continuous security and integrity of the platform until a more permanent and robust solution is found.

FTX Hacker’s Connection with THORChain

According to Lookonchain, an individual frequently referred to as the “FTX hacker”, who is behind the significant withdrawal transactions from the collapsed crypto exchange FTX, transferred approximately 22,500 ETH (around $38 million). These substantial transfers were facilitated via THORChain and Railgun. It was reported that the FTX hacker holds over 163,000 ETH (approximately $275 million) across various wallets.

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In conclusion, THORSwap is adopting a firm and secure approach. The measures taken to prevent illegal activities are indicative of the crypto exchange’s commitment to maintaining security and safeguarding the interests of its users.

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