THORSwap

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United

THORChain

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<p>THORSwap, a decentralized exchange running on the THORChain network, has reopened its interface to the public. The reopening comes after a temporary pause initiated on October 6 following the detection that its platform was used to launder funds related to the $470 million FTX hack.</p> 
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   <p lang="en" dir="ltr">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.<br><br>What's changed? Other than the shiny new terms of service, users won't notice a thing. Behind the scenes, we've partnered…</p>— THORSwap ⚡ #BetterThanCEX (@THORSwap) <a href="https://twitter.com/THORSwap/status/1712554087630491891?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">October 12, 2023</a>
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<p>The digital exchange has also <a href="https://docs.thorswap.finance/thorswap/resources/terms-of-service" rel="nofollow noopener" target="_blank">updated its terms of service</a> to deter users from countries sanctioned by the United States, the United Kingdom, or the European Union. To enforce this policy, THORSwap has collaborated with an undisclosed data provider to monitor addresses emanating from restricted jurisdictions.</p> 
<p>In a <a href="https://twitter.com/THORSwap/status/1712554087630491891" rel="nofollow noopener" target="_blank">statement released</a> by the team, they mentioned, “Behind the scenes, we’ve partnered with an industry leader to put some extra guardrails in place to help prevent the flow of illicit funds.” Countries falling under this new protocol include Belarus, Myanmar, Ivory Coast, Cuba, the Democratic Republic of Congo, Iran, Iraq, Liberia, North Korea, Sudan, Syria, and Zimbabwe.</p> 
<h2 class="wp-block-heading" id="cryptocurrency-movement-tracked">Cryptocurrency movement tracked</h2> 
<p>Additionally, it’s worth noting that on-chain analytics firm Elliptic released a report shedding light on the hacker’s activity post the FTX hack. The hacker had moved considerable amounts of Ether to Bitcoin using THORswap’s platform and continued to circulate the funds via other routes on the THORchain network. Subsequently, the converted Bitcoin was passed through Sinbad, a mixer service known to have affiliations with North Korea’s Lazarus Group. Elliptic, however, pointed out the possibility of a Russian connection behind the entity.</p> 
<p>THORChain, the underlying blockchain for THORSwap, has also reactivated its main exchange after a week-long hiatus. This move appears to be timely, as trading volumes on THORChain jumped to $62 million on Thursday, marking a notable increase from sub-$30 million figures in the last few days.&nbsp;</p> 
<p>Moreover, THORChain’s native token, RUNE, displayed signs of recovery, surging by 10% overnight. The exchange’s governance token, THOR, followed suit with an 11.5% uptick. Both spikes in valuation occurred after the announcement of THORswap’s reactivation, signaling perhaps a renewed confidence among investors and stakeholders.</p>

THORSwap tightens security protocols and resumes operations After FTX hack incident

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