Skip to main content

Thorswap Halts Operations Amidst FTX Hacker’s Fund Movement; RUNE Drops 8.6% 

Thorswap Halts Operations Amidst FTX Hacker's Fund Movement; RUNE Drops 8.6% 

The decentralized exchange (dex) Thorswap has paused operations after a series of funds stemming from the FTX hacker was sent to the dex protocol. Thorswap took to social media and said that the team “stands firmly against any and all criminal actions.”

Thorswap Pauses Amidst FTX Hack Fallout; RUNE Value Takes a Hit

After the FTX hacker moved thousands of ether (30,000 ETH) for the first time since the November 2022 breach, onchain observers noted that the funds were sent to Thorswap and the decentralized finance (defi) application Railgun. On October 6, 2023, Thorswap updated the community and said that the dex was down for maintenance. The dex team said:

Yesterday, following a careful evaluation of the situation and consultation with advisors, legal counsel, and law enforcement, the decision was made to temporarily transition the Thorswap interface into maintenance mode.

The dex will remain paused until “until a more permanent and robust solution” becomes available. Thorchain’s native crypto asset RUNE dropped 8.6% on the news. Thorswap said the developers are doing everything they can to get the application back up and running again.

“Swaps are paused. LP actions, Earn (savers), Borrow (lending), Staking actions are all fully operational,” Thorswap further detailed.

Consensys product manager Taylor Monahan insisted on the social media platform X (formerly Twitter) that over the past four months, “more than 50% of the ether to Thorswap router to bitcoin transactions have been stolen funds.”

What do you think about the Thorswap pause? Share your thoughts and opinions about this subject in the comments section below.



from Bitcoin News https://ift.tt/wDi0v2x
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more