{"id":13654,"date":"2023-10-15T14:23:24","date_gmt":"2023-10-15T14:23:24","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=13654"},"modified":"2023-10-15T14:23:31","modified_gmt":"2023-10-15T14:23:31","slug":"thorswap-back-online-6-days-after-halt-over-detecting-ftx-funds","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=13654","title":{"rendered":"THORswap back online 6 days after halt over detecting FTX funds"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Decentralized exchange (DEX) THORSwap has resumed operations after briefly going into maintenance mode due to detecting illicit funds on its platform.<\/p>\n<p>THORSwap took to X (formerly Twitter) on Oct. 12 to announce that the platform is back online. The platform asked users to resume their regularly scheduled swapping of over 5,500 assets across 10 blockchains from their own self-custody wallets.<\/p>\n<p>The protocol initially halted swaps on its platform on Oct. 6 as an immediate measure to counter the potential movement of illicit funds. THORSwap acknowledged that its DEX platform encountered illicit use and decided to pause to find a permanent solution to the misuse.<\/p>\n<p>According to the latest announcement, THORSwap hasn\u2019t applied any big changes on its platform other than the \u201cshiny new terms of service.\u201d<\/p>\n<p>Updated on Oct. 11, THORSwap\u2019s new terms of service read that users must comply with applicable laws like Anti-Money Laundering and agree to not engage or assist in any activity that violates sanctions programs or involves any unlawful financial activity. The updated terms also state that THORSwap reserves may restrict users from using the platform in case of violations, stating:<\/p>\n<p>\u201cTHORSwap reserves the right to terminate your access to the THORSwap Services at any time, without notice, for any reason whatsoever, including without limitation a violation of these terms.\u201d<\/p>\n<p>The cryptocurrency community expressed outrage about THORSwap\u2019s updated terms of use, with many questioning the platform\u2019s \u201cdecentralized\u201d status in the context of its new rules, which sound more like those on a centralized exchange.<\/p>\n<p>\u201cIs there any reason to use your services instead of a regular CEX? Did you just copy &#8211; paste their terms of service?\u201d one X user asked.<\/p>\n<p>According to ShapeShift founder Erik Voorhees, THORSwap is different from THORChain \u2014 the network it\u2019s built on \u2014 in terms of centralization. THORSwap is a \u201ccentralized company that made a decision about their own interface,\u201d while THORChain is decentralized.<\/p>\n<p lang=\"en\" dir=\"ltr\">You\u2019re referring to Thorswap which is not Thorchain.<\/p>\n<p>The former is a centralized company that made a decision about their own interface.<\/p>\n<p>The latter is a decentralized protocol that isn\u2019t censoring anything and can be accessed in myriad ways.<\/p>\n<p>\u2014 Erik Voorhees (@ErikVoorhees) October 12, 2023<\/p>\n<p>In addition to updating the terms of service, THORSwap said it has partnered with an \u201cindustry leader\u201d to put some additional protections to prevent the flow of illicit funds. The protocol may still need to \u201cfine tune things over the coming days,\u201d the announcement added.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Trader swaps 131K stablecoins for $0 during USDR depeg<\/em><\/strong><\/p>\n<p>THORSwap\u2019s return came on the same day blockchain analytics firm Elliptic reported that the hacker of the now-defunct crypto exchange FTX had started moving the stolen funds in late September 2023. The transactions marked the first time those funds have been moved since the attack.<\/p>\n<p>According to Elliptic, the anonymous hacker used THORSwap to convert 72,500 Ether (ETH), or about $120,000 million, into Bitcoin (BTC) before sending crypto to sanctioned cryptocurrency mixers like Sinbad.<\/p>\n<p>A spokesperson for THORSwap stressed in a statement to Cointelegraph that FTX exploiter\u2019s funds can be traced easily once they have been swapped to BTC. But once cryptocurrencies have gone through a mixer, they are no longer traceable.<\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>Blockchain detectives \u2014 Mt. Gox collapse saw birth of Chainalysis<\/em><\/strong><\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/thorswap-back-online-ftx-hacker\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Decentralized exchange (DEX) THORSwap has resumed operations after briefly going into maintenance mode due to detecting illicit funds on its platform. THORSwap took to X (formerly Twitter) on Oct. 12 to announce that the platform is back online. The platform asked users to resume their regularly scheduled swapping of over 5,500 assets across 10 blockchains [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13655,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-13654","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13654","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13654"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13654\/revisions"}],"predecessor-version":[{"id":13656,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13654\/revisions\/13656"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/13655"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13654"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13654"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13654"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}