March 27, 2024
THORSwap Enters 'Maintenance Mode' to Combat Illicit Fund Movements
Latest Cryptocurrency News

THORSwap Enters ‘Maintenance Mode’ to Combat Illicit Fund Movements

THORSwap, a decentralized exchange (DEX) powered by multichain THORChain, has taken the precautionary step of entering “maintenance mode” to prevent potential misuse by bad actors seeking to move illicit funds across multiple blockchains. This decision was made after consultations with advisors, legal counsel, and law enforcement.

Bad actors often exploit cross-chain platforms like THORSwap to transfer funds across blockchains, making them difficult to trace. THORSwap has acknowledged this ongoing challenge and is committed to finding a permanent solution to prevent misuse.

THORSwap will remain in maintenance mode until a more comprehensive and secure solution can be implemented to safeguard the platform’s integrity and security. While some in the community may have reservations about this temporary disruption, THORSwap is prioritizing its long-term commitment to its customers.

The company has not provided additional details regarding ongoing investigations and remediation plans. In the meantime, Yield Protocol, a decentralized finance (DeFi) lending protocol, has decided to permanently shut down due to a lack of business demand and increasing regulatory pressures. Yield Protocol confirmed that all borrowing and lending activities will cease by December 31st and canceled the March 2024 fixed rate series launch. Unfavorable crypto regulations in the United States, Europe, and the United Kingdom were cited as the primary reasons for Yield Protocol’s untimely closure.

Image by vectorjuice on Freepik

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