Thorswap, after a temporary halt of its services on October 6, 2023, has resumed its operations with significant changes. The platform, which faced an incident involving an FTX hacker transferring a substantial amount of cryptocurrency, is now back in business, bolstered by enhanced security measures.
In response to the high-profile unauthorized transfers, Thorswap’s operators took swift action to temporarily suspend dex operations. They made it unequivocally clear that they stand against any form of criminal activity. Less than a week later, Thorswap announced its return, accompanied by new security measures referred to as “guardrails.”
On October 12, the team communicated through social media platform X, stating, “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.” Users were assured that, apart from the updated terms of service, they would experience minimal changes. Behind the scenes, Thorswap has entered into a partnership with a prominent industry player to implement additional security measures aimed at deterring illegal fund movements.
However, the announcement of this partnership raised skepticism, with one individual questioning whether Thorswap was utilizing a centralized chain analysis firm. Notably, the updated terms of service now prohibit residents from a dozen countries, including Belarus, Burma (Myanmar), Cote D’Ivoire (Ivory Coast), Cuba, Congo, Iran, Iraq, Liberia, North Korea, Sudan, Syria, and Zimbabwe, from using the application. This restriction extends to any other country subject to embargoes or similar sanctions imposed by the United States, the United Kingdom, or the European Union. Sanctioned individuals are also barred from accessing the dex platform. Thorswap’s developers have indicated that further adjustments will be made in the coming days.
The resumption of Thorswap’s operations with these added security measures is a significant development in the cryptocurrency space, particularly in light of recent security breaches. It remains to be seen how these “guardrails” will affect the platform’s user base and security standards. Share your thoughts and opinions on Thorswap’s decision to resume operations with these security enhancements in the comments section below.
Frequently Asked Questions (FAQs) about Cryptocurrency Security
Q: Why did Thorswap temporarily halt its services?
A: Thorswap temporarily halted its services due to a high-profile incident where an FTX hacker conducted unauthorized transfers of cryptocurrency through the platform. The suspension was enacted on October 6, 2023, in response to this security breach.
Q: What changes have been implemented upon Thorswap’s return?
A: Thorswap has introduced stricter security measures referred to as “guardrails” to enhance the safety of its operations. These measures include blacklisting approximately twelve countries, as well as forming a partnership with a prominent industry player to deter the movement of illegal funds.
Q: Which countries are now blacklisted by Thorswap?
A: Thorswap has prohibited residents of the following countries from using the application: Belarus, Burma (Myanmar), Cote D’Ivoire (Ivory Coast), Cuba, Congo, Iran, Iraq, Liberia, North Korea, Sudan, Syria, and Zimbabwe. Additionally, individuals from any country subject to embargoes or sanctions imposed by the United States, the United Kingdom, or the European Union are also barred from accessing the dex platform.
Q: Is Thorswap utilizing a centralized chain analysis firm for security?
A: While there was skepticism regarding the partnership announced by Thorswap, the details provided do not confirm whether they are using a centralized chain analysis firm. The nature and specifics of the partnership remain undisclosed in the text.
Q: How can users expect Thorswap’s operations to change after its return?
A: Users have been informed that, apart from the updated terms of service and the introduction of additional security measures, they should experience minimal changes in their interactions with Thorswap. The platform remains focused on facilitating the swapping of over 5,500 assets across 10 blockchains, with the added assurance of enhanced security.
More about Cryptocurrency Security
- Thorswap Official Website
- FTX Exchange
- Cryptocurrency Security Measures
- Sanctions and Embargoes
- Decentralized Exchanges Explained