THORswap back online 6 days after halt over detecting FTX funds
Decentralized exchange (DEX) THORSwap has resumed operations after briefly going into maintenance mode due to detecting illicit funds on its platform.
THORSwap took to X (formerly Twitter) on Oct. 12 to announce that the platform is back online. The platform asked users to resume their regularly scheduled swapping of over 5,500 assets across 10 blockchains, right from their own self-custody wallet.
The protocol originally halted swaps on its platform on Oct. 6 as an immediate measure to counter the potential movement of illicit funds. THORSwap acknowledged that its DEX platform encountered illicit use, deciding to pause to find a permanent solution to the misuse.
According to the latest announcement, THORSwap hasn’t applied any big changes on its platform other than the “shiny new terms of service.”
Updated on Oct. 11, THORSwap’s new terms of service read that users must comply with applicable laws like Anti-Money Laundering and agree to not engage or assist in any activity that violates sanctions programs or involves any unlawful financial activity. The updated terms also state that THORSwap reserves may restrict users from using the platform in case of violations, stating:
The cryptocurrency community expressed outrage about THORSwap’s updated terms of use, with many questioning the platform’s “decentralized” status in the context of its new rules, which sound more like those on a centralized exchange.
“Is there any reason to use your services instead of a regular CEX? Did you just copy - paste their terms of service?” one X user asked.
According to ShapeShift founder Erik Voorhees, THORSwap is different from THORChain — the network that it’s built on — in terms of centralization. THORSwap is a “centralized company that made
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