Home Blockchain THORSwap goes into ‘maintenance mode’ to counter illicit funds movement

THORSwap goes into ‘maintenance mode’ to counter illicit funds movement

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THORSwap goes into ‘maintenance mode’ to counter illicit funds movement

THORSwap, a decentralized exchange (DEX) powered by the multichain THORChain protocol, has entered “maintenance mode” 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 law enforcement, according to the original announcement.

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.

“THORSwap will remain in this (maintenance) mode until a more permanent and robust solution can be implemented to ensure the platform’s continued security and integrity.”

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’s intent to serve its customers for the long term. The company shared no further information on the ongoing investigations and remediation plans. 

THORSwap did not respond to Cointelegraph’s request for comment.

Related: Binance to shut down BUSD lending by October 25

As THORChain works toward strengthening its security measures before restarting its services, decentralized finance (DeFi) lending protocol Yield Protocol announced its decision to permanently shut down, citing a lack of business demand and rising regulatory pressures in the United States, Europe and the United Kingdom.

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