THORSwap Relaunches with Updated Trading Terms Post FTX Exploit Incident
After temporarily halting operations due to trades connected to the FTX hack, THORSwap, a prominent exchange platform, has resumed its services with updated terms and conditions. These changes entail the exclusion of countries like North Korea, as well as others under financial sanctions imposed by the U.S. and Europe. Consequently, THOR, the platform's native token, has witnessed a 10% surge in value over the past 24 hours, as indicated by CoinMarketCap.
The modified terms and conditions now prohibit users based in countries sanctioned by the U.S., UK, or the European Union from accessing the exchange. Notable nations encompass Myanmar, Cuba, Iran, Iraq, North Korea, Sudan, Syria, and Zimbabwe.
In a recent announcement on X (formerly Twitter), the company declared, "THORSwap is back online! Besides the updated terms of service, users won't perceive any notable changes. However, behind the scenes, we've collaborated with a leading industry player to implement additional measures that fortify our defenses against the illicit flow of funds."
THORSwap is back online! Please resume your regularly scheduled swapping of over 5,500 assets across 10 blockchains, right from your own self-custody wallet.— THORSwap ⚡ #BetterThanCEX (@THORSwap) October 12, 2023
What's changed? Other than the shiny new terms of service, users won't notice a thing. Behind the scenes, we've partnered…
THORSwap leverages the THORChain protocol, facilitating seamless token trading across diverse blockchains. The platform entered a "maintenance mode" a week ago after careful deliberation with advisors, legal experts, and law enforcement, as stated by the team.
This move followed the sudden transfer of funds from a crypto wallet linked to the "FTX Exploiter." In recent weeks, this wallet orchestrated transfers to various addresses and protocols, including THORSwap. Notably, these funds had remained dormant in the wallet for an extended period.
The wallet associated with the FTX Exploiter harbored a portion of the $600 million pilfered by hackers from wallets connected to Sam Bankman-Fried's FTX exchange. This event unfolded amidst the turbulent aftermath of the company's contentious bankruptcy filing in late 2022.
Read more: ThORSwap Resurgence and Security Update