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Benzinga - THORSwap, a decentralized exchange built on the THORChain (CRYPTO: RUNE) platform, revealed concerns regarding the potential movement of illicit funds through its platform.

The exchange, in a statement issued Friday, said it always maintained a strong stance against any form of criminal activity and had taken immediate action in light of these concerns.

As the digital asset industry continues to evolve, the importance of security and transparency becomes paramount. This sentiment is echoed by many industry experts and will be a focal point at the upcoming Benzinga's Future of Digital Assets conference on Nov. 14, where leading voices in the crypto space will discuss challenges and solutions in the rapidly changing landscape.

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In response to the pressing issue, THORSwap, after evaluation and consultation with advisors, legal teams and law enforcement agencies, has decided to "temporarily transition" its interface into maintenance mode.

The measure was aimed at halting any further potential illicit activities and ensuring the safety and integrity of the platform and its users.

Also Read: Bitcoin To $20K, Ethereum To $1K? Prominent Venture Capitalist Predicts Market Bottom

While specific details regarding the situation remain undisclosed, THORSwap assured its community every effort was being made to address the issue and restore normal operations.

The person or group responsible for questionable transactions from the failed cryptocurrency platform FTX, often referred to as the "FTX cybercriminal," moved 22,500 Ethereum (CRYPTO: ETH), valued at $38 million, in the past week, as per blockchain experts Lookonchain.

The party involved exchanged Ethereum for Bitcoin (CRYPTO: BTC) using THORChain and Railgun, with a total of over 163,000 Ethereum, valued at $275 million stored in multiple wallets.

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2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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THORSwap Crypto Exchange Takes Drastic Action To Thwart Illicit ... - Investing.com UK