THORSwap, one of the largest decentralized exchanges on THORChain, has stopped the platform due to illegal transactions.
Illegal related transactions on THORSwap have attracted attention in recent days. After these operations, the project team decided to put the platform into sleep mode.
According to the news made by CoinDesk with the information it received from the developer of THORSwap, the decentralized exchange has stopped its services. The developer stated that the suspension was made against criminal activities and due to legal processes.
THORSwap targeted illegal transactions
THORSwap, the decentralized exchange built on THORChain, paused the platform with a sudden decision.
In its announcement on the X platform, THORSwap stated that alarming transactions have emerged recently. Underlining that these transactions are illegal, THORSwap took action to protect the platform. The project team stated that they will stand against any criminal actions.
Fellow THORChads,
A pressing and persistent concern has recently come to light: the potential movement of illicit funds through THORChain and, specifically, THORSwap. Such activities have no place on the THORSwap platform, and THORSwap stands firmly against any and all criminal…
— THORSwap ⚡ #BetterThanCEX (@THORSwap) October 6, 2023
THORSwap announced that it has paused the platform in order to prevent illegal transactions and assist law enforcement. The team stated that this move was short-term and that the project will continue in the long term.
The project team said the following in their statements on the subject;
This action was taken to quickly prevent further potential illegal activity. THORSwap will remain in this mode until a more permanent and robust solution is implemented to ensure the continued security and integrity of the platform.
50471
