THORSwap, a DEX based on the THORChain protocol, has recently faced a major issue with illegal currency transfers. To address this issue, the platform, which promotes safety and the law, took aggressive action.
THORSwap Records $355 Million in Trades on October 5, Amid Rising Illicit Activity Concerns
On October 5, THORSwap completed $355 million in trades, a record. Hacker activity increased when the five-day transaction volume hit $1 billion. These actions largely included Bitcoin cross-chain transfers. Over 50% of ETH-to-BTC conversions using THORSwap routers in the past four months were unlawful.
The platform acted immediately to stop illegal cash from flowing through THORChain and THORSwap. After reviewing and consulting with advisers, legal counsel, and law enforcement, THORSwap has placed its interface in maintenance mode. This suit sought an immediate site misbehaviour halt. Normal loans, borrowings, and staking occur during platform maintenance.
THORSwap protects its platform from unlawful behaviour. The maintenance mode protects consumers and ensures bitcoin compliance. The THORSwap team is creating a long-term platform security and integrity solution. With the unlawful money and activities unknown, THORSwap has informed its community that it will immediately and properly tackle the matter.
ConsenSys product manager Taylor Monahan raised worries about Russian and North Korean hackers and money launderers utilizing THORChain. The current usage of THORSwap routers to convert illegally obtained ETH into BTC is concerning.
Though recent changes have been difficult, THORSwap remains committed to its long-term aims and community. Users will be kept secure and updated via the platform. On October 5, the THORChain Explorer reported $355 million in transactions, up significantly.
As THORSwap shows, crypto users must be vigilant and compliant. It also emphasizes platforms’ continuous security and legality initiatives. The crypto industry’s fast response indicates its commitment to combatting criminal activity and protecting customers.
Source: https://blockchainreporter.net/thorswap-takes-decisive-action-against-illicit-transfers/