The decentralized exchange THORSwap, based on ThorChain, has paused all trading activity after suspicious transactions were detected on the platform. These transactions were linked to the FTX hackers who had stolen $600 million from FTX shortly after the exchange filed for bankruptcy. Following an evaluation of the situation and consultation with advisors, legal counsel, and law enforcement, the decision was made to temporarily pause the THORSwap trading interface. The hackers then swapped around $124 million worth of ETH for trust-minimized Bitcoin (tBTC), which was then cross-chained to the Bitcoin network through the Threshold Network. The hackers still hold $179 million worth of ETH. THORChain operates as a layer 1 cross-chain decentralized exchange (DEX) that enables direct swaps between different blockchains, allowing hackers to move stolen ETH into BTC. Over 50% of ETH sent to the THORSwap Router for BTC in the last four months has been linked to illicit funds. The price of THORSwap’s THOR token has seen a 44% drop in the last 24 hours.

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Information	Details
Geography	Global
Countries
Sentiment	negative
Relevance Score	8
People	None
Companies	Lookonchain, TheTNetwork, CoinGecko, FTX, THORSwap
Currencies	Ethereum, Bitcoin, THORSwap, tBTC
Securities	None