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THORSwap, Used by FTX Exploiter, Resumes Trading After Updating Terms to Exclude U.S.-Sanctioned Countries
The platform's native token has risen by 10% after the exchange came back online.
THORSwap, the exchange that paused its platform last Friday following a series of trades related to the FTX hack, resumed services Friday after updating terms and conditions to exclude North Korea and other countries under financial sanctions by the U.S. and Europe.
The platform's native token (THOR) has risen by 10% in the past 24-hours, according to CoinMarketCap.
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The updated terms and conditions restrict users from accessing the exchange if they are based in countries sanctioned by the U.S., UK or the European Union. Specific countries cited include Myanmar, Cuba, Iran, Iraq, North Korea, Sudan, Syria and Zimbabwe.
"THORSwap is back online!" the company wrote in a post on X (formerly Twitter). "Other than the shiny new terms of service, users won't notice a thing. 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."
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.
— THORSwap ⚡ #BetterThanCEX (@THORSwap) October 12, 2023
What's changed? Other than the shiny new terms of service, users won't notice a thing. Behind the scenes, we've partnered…
The THORSwap protocol runs atop THORChain, a network that allows users to freely trade tokens between different blockchains. It had paused operations a week ago – shifting into "maintenance mode" – after "consultation with advisors, legal counsel and law enforcement," as the team put it.
That announcement came after a crypto wallet labeled as belonging to "FTX Exploiter" suddenly started moving around funds in recent weeks to various addresses and protocols – including THORSwap; the funds had sat dormant in the wallet for many months.
The FTX Exploiter wallet held some of the $600 million that was drained by hackers from wallets associated with Sam Bankman-Fried's FTX exchange, amid the chaos that followed the company's messing bankruptcy filing in late 2022.
Read More: FTX 'Hacker' Moved 15K ETH This Weekend
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
Bradley Keoun
Bradley Keoun is CoinDesk's managing editor of tech & protocols, where he oversees a team of reporters covering blockchain technology, and previously ran the global crypto markets team. A two-time Loeb Awards finalist, he previously was chief global finance and economic correspondent for TheStreet and before that worked as an editor and reporter for Bloomberg News in New York and Mexico City, reporting on Wall Street, emerging markets and the energy industry. He started out as a police-beat reporter for the Gainesville Sun in Florida and later worked as a general-assignment reporter for the Chicago Tribune. Originally from Fort Wayne, Indiana, he double-majored in electrical engineering and classical studies as an undergraduate at Duke University and later obtained a master's in journalism from the University of Florida. He is currently based in Austin, Texas, and in his spare time plays guitar, sings in a choir and hikes in the Texas Hill Country. He owns less than $1,000 each of several cryptocurrencies.
