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THORSwap, a decentralized cryptocurrency exchange based on THORChain, announced that it is entering temporary maintenance mode to reduce the increase in potentially illegal funds moving through the platform. The main reason for entering temporary maintenance mode is attributed to the hacker known as FTX hacker transferring 22,500 ETH worth $38 million, including the sale of Bitcoin 
$104,186 (BTC) and Ethereum 
$2,550 (ETH) through THORChain this week.
Temporary Maintenance Mode Activated on THORSwap
THORSwap, a decentralized exchange based on THORChain, has announced that it has entered temporary maintenance mode due to the increase in potentially illegal funds moving through the platform.
In a statement on X (formerly known as Twitter), THORSwap stated, “In recent days, a problem has arisen with the movement of potentially illegal funds through THORChain and especially THORSwap. Such activities have no place on the THORSwap platform and THORSwap is determined to stand against any criminal action.”
THORSwap stated that this move comes after consultations with legal experts, advisors, and law enforcement, and that it will remain in maintenance mode until a more permanent and robust solution is implemented to ensure the platform’s ongoing security and integrity.
Transactions Performed by FTX Hacker
Lookonchain, a chain analytics platform, reported that the attacker or attackers behind suspicious withdrawal transactions from the bankrupt cryptocurrency exchange FTX transferred 22,500 ETH worth $38 million this week. The FTX hacker holds over 163,000 ETH (worth $275 million) in various wallet addresses. Interestingly, the transfers made by the hacker were focused on the sale of ETH for BTC through THORChain and Railgun.
Taylor Monahan, the product manager at ConsenSys, claimed earlier this week that hackers and money launderers from Russia and North Korea are using THORChain for their operations, stating that stolen funds accounted for more than 50% of BTC transactions from ETH on THORSwap router in the past four months.
Current data also indicates a significant increase in THORChain’s activity. According to the THORChain Explorer, the transaction volume on THORChain has significantly increased this month, reaching up to $355 million on October 5th.
The THORSwap team has stated that they currently have no additional information to share, but they are doing everything possible to continue their operations rapidly and ensure the community’s safety. They have guaranteed that further updates will be provided regarding the matter.
