THORSwap Enters Maintenance Mode

The THORSwap exchange announced on Friday that it would enter “maintenance” mode due to the transmission of several illicitly linked funds over the platform in the preceding days.

A THORSwap developer stated in a comment sent that the development team “stands resolutely against any illegal conduct.”

“Yesterday, after carefully evaluating the situation and consulting with advisors, legal counsel, and law enforcement, it was decided to transfer the THORSwap interface into maintenance mode temporarily,” the THORSwap developers tweeted.

This decision was reached after thoroughly analyzing the issue and consulting with advisors, legal counsel, and law enforcement.

“This action was taken to immediately put an end to any unlawful activities that were suspected to be ongoing. “THORSwap will remain in this configuration until a more permanent and robust solution can be implemented to ensure the continued security and integrity of the platform,” they added.

The action will result in the suspension of trading operations. Nevertheless, all services, including lending, borrowing, and wagering, operate at their maximum capacity.

THORSwap is a token exchange platform enabled by THORChain, a decentralized network that allows users to transfer tokens freely between different blockchains.

Within hours of FTX and its affiliated companies filing for bankruptcy in November 2022, an unknown entity was able to take up to $600 million from multiple wallets.

During the past week, the intruder, whose identity has yet to be disclosed, successfully transferred over 15,000 ether across multiple platforms, including THORSwap.

The transfer of assets, which occurred shortly before FTX founder and former CEO Sam Bankman-Fried was to stand trial, deepens one of the mysteries surrounding the exchange’s collapse a year ago.