The THORChain-based decentralized exchange, THORSwap, has announced that it is temporarily transitioning into maintenance mode due to concerns regarding the potential movement of illicit funds through its platform. The decision comes as a response to ensure the security and integrity of the platform, emphasizing THORSwap’s commitment to combating criminal activities within its ecosystem.
This unexpected move, which was made following a thorough evaluation of the situation, was the result of careful consideration and consultations with advisors, legal counsel, and law enforcement agencies. THORSwap’s primary objective is to promptly address and curtail any further potential illicit activity while also working towards implementing a more permanent and robust solution.
While THORSwap’s decision to enter maintenance mode may raise questions and concerns among its user base, it’s crucial to understand that the platform’s commitment to its long-term sustainability and security is at the forefront of this decision. By temporarily disabling the interface, THORSwap aims to safeguard its users and the integrity of the exchange.
THORSwap has been a pioneering force in the cross-chain decentralized exchange (DEX) sector, offering users the ability to trade a wide range of assets across different blockchain networks seamlessly. The platform’s dedicated contributors have worked tirelessly to provide users with the best DEX experience and developer tools available. This commitment remains unwavering, and the recent decision to enter maintenance mode is a testament to the platform’s dedication to ensuring a secure and reliable trading environment.
On October 5, the transaction volume on the ThorChain was US$355 million, hitting a record high. The cumulative transaction volume in the past five days has exceeded US$1 billion, which may be related to the surge in hacker activities to conduct cross-chain transactions for BTC. Over the past four months, more than 50% of funds converted from ETH to BTC via ThorSwap routers were stolen funds.
At this stage, no specific details regarding the nature of the illicit activity or the timeline for the restoration of full functionality have been disclosed. However, THORSwap’s contributors are working diligently to address the issue and resume normal operations as soon as possible. Users can expect to receive updates and further information as the situation develops.
In these challenging times, the THORSwap community’s support and understanding are paramount. The team is fully committed to resolving the issue and returning the platform to its regular state. Together, the THORSwap community looks forward to overcoming this temporary setback and continuing their journey “onwards to Valhalla.”
In conclusion, THORSwap’s decision to temporarily transition into maintenance mode demonstrates its unwavering commitment to the safety and security of its users and the overall integrity of the platform. While the situation may raise concerns, the THORSwap community can rest assured that the team is working diligently to address the issue and get the platform back on track. Further updates will follow as the situation unfolds, and the THORSwap community can look forward to a brighter, more secure future.
Source: https://azcoinnews.com/cross-chain-dex-thorswap-hits-pause-to-tackle-illicit-fund-concerns.html
