THORswap became active again 6 days after the bankrupt cryptocurrency exchange was stopped due to the detection of FTX funds. Following this development, the token price jumped in the horizontal market.
Cryptocurrency exchange is online again, the price of tokens has skyrocketed!
After the FTX hack incident, THORSwap tightened its security protocols. After this, the cryptocurrency exchange is back online and continues its activities. THORSwap, a decentralized exchange running on the THORChain network, has reopened its interface to the public. The reopening follows a temporary pause initiated on October 6 after it was found that its platform was being used to launder funds related to the $470 million FTX hack. THORSwap announced the development as follows:
THORSwap is back online! Please proceed with regularly scheduled exchanges of over 5,500 assets across 10 Blockchains directly from your own custodial wallet. What has changed? Other than the shiny new terms of service, users won’t notice anything. We partnered behind the scenes…
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.
What's changed? Other than the shiny new terms of service, users won't notice a thing. Behind the scenes, we've partnered…
— THORSwap ⚡ #BetterThanCEX (@THORSwap) October 12, 2023
Meanwhile, THORChain’s native token RUNE showed signs of recovery, surging 10.6% overnight. THOR, the cryptocurrency exchange’s governance token, followed with an increase of 13.40%. Both increases in valuation occurred after the announcement of THORswap’s reactivation. Perhaps it indicates renewed confidence among investors and stakeholders.
THOR daily price chart. Source: CoinMarketCapTHORSwap has made some changes to its platform
The cryptocurrency exchange also updated its terms of service to deter users from countries sanctioned by the United States, the United Kingdom or the European Union. cryptokoin.comAs we reported, to enforce this policy, THORSwap has partnered with an undisclosed data provider to track addresses originating from restricted jurisdictions.
“Behind the scenes, we have partnered with an industry leader to put some extra guardrails in place to help prevent the illicit flow of funds,” the team said in a statement. said. Countries covered by this new protocol include Belarus, Myanmar, Ivory Coast, Cuba, Democratic Republic of Congo, Iran, Iraq, Liberia, North Korea, Sudan, Syria and Zimbabwe.
Cryptocurrency movement was tracked
It should also be noted that on-chain analysis firm Elliptic published a report that shed light on the hacker’s activities after the FTX hack. The hacker moved a significant amount of Ether to Bitcoin using the THORswap platform. It also continued to circulate funds through other routes on the THORchain network. The converted Bitcoin was then passed through Sinbad, a mixer service. According to some accounts, this jammer is linked to North Korea’s Lazarus Group. However, Elliptic pointed out that there is probably a Russian connection behind this formation.
THORChain, the underlying blockchain of THORSwap, has also restarted its main exchange after a week-long break. Trading volumes on THORChain jumped to $62 million on Thursday. So that’s a significant increase from the sub-$30 million figures in the last few days. That’s why the cryptocurrency exchange made this move in time.
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