THORSwap

United

THORChain

Yield

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<a rel="noopener noreferrer nofollow" title="THORSwap" href="https://thebittimes.com/tag/thorswap.html">THORSwap</a> has acknowledged the ongoing misuse of its decentralized exchange (DEX) and is actively working to discover a lasting solution to this issue. <a rel="noopener noreferrer nofollow" title="THORSwap" href="https://thebittimes.com/tag/thorswap.html">THORSwap</a>, a decentralized exchange (DEX) powered by the multi-chain THORChain protocol, has initiated a state of “<a rel="noopener noreferrer nofollow" title="maintenance" href="https://thebittimes.com/tag/maintenance.html">maintenance</a> mode” to thwart any illicit fund movements through the platform by malicious entities. This decisive action was taken on October 6th as an immediate response to the potential illicit fund transfers. The decision was made after consultations with advisors, <a rel="noopener noreferrer nofollow" title="legal" href="https://thebittimes.com/tag/legal.html">legal</a> experts, and law enforcement agencies, as per the original announcement. Bad actors frequently exploit cross-chain platforms like <a rel="noopener noreferrer nofollow" title="THORSwap" href="https://thebittimes.com/tag/thorswap.html">THORSwap</a> to shuffle funds across various blockchains in a bid to obscure their origins. <a rel="noopener noreferrer nofollow" title="THORSwap" href="https://thebittimes.com/tag/thorswap.html">THORSwap</a> has acknowledged the persistent challenge and is determined to devise a permanent remedy to counter such misuse. “<a rel="noopener noreferrer nofollow" title="THORSwap" href="https://thebittimes.com/tag/thorswap.html">THORSwap</a> will remain in this <a rel="noopener noreferrer nofollow" title="maintenance" href="https://thebittimes.com/tag/maintenance.html">maintenance</a> mode until a more sustainable and robust solution can be implemented, ensuring the platform’s enduring security and reliability.” Though the platform’s decision to temporarily suspend its operations was met with resistance from much of the community, it stems from the DEX’s commitment to its long-term customer service. No further details regarding the ongoing investigations and remedial strategies have been disclosed. As THORChain diligently enhances its security measures prior to resuming its services, the decentralized finance (DeFi) lending protocol, Yield Protocol, has made the consequential choice to cease its operations permanently. This decision is attributed to a combination of dwindling business demand and escalating regulatory pressures in the United States, Europe, and the United Kingdom.
The post To stop the flow of il<a rel="noopener noreferrer nofollow" title="legal" href="https://thebittimes.com/tag/legal.html">legal</a> <a rel="noopener noreferrer nofollow" title="money" href="https://thebittimes.com/tag/money.html">money</a>, <a rel="noopener noreferrer nofollow" title="THORSwap" href="https://thebittimes.com/tag/thorswap.html">THORSwap</a> <a rel="noopener noreferrer nofollow" title="enters" href="https://thebittimes.com/tag/enters.html">enters</a> “<a rel="noopener noreferrer nofollow" title="maintenance" href="https://thebittimes.com/tag/maintenance.html">maintenance</a> mode.” appeared first on BitcoinWorld.
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/to-stop-the-flow-of-illegal-money-thorswap-enters-maintenance-mode-tbt65565.html">https://thebittimes.com/to-stop-the-flow-of-illegal-money-thorswap-enters-maintenance-mode-tbt65565.html</a>

To stop the flow of illegal money, THORSwap enters “maintenance mode.”

TheBitTimes

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