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

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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.”

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