THORSwap, the exchange that temporarily halted operations last Friday due to FTX-related activities, is back in action. The platform resumed services after a thorough update of its terms and conditions. Now, they have specifically excluded countries under financial sanctions imposed by the U.S. and Europe.
Token Surge and Stricter Terms
Following the reactivation of THORSwap, its native token, THOR, experienced a notable surge. This marks a 10% increase in the past 24 hours, as reported by CoinMarketCap.
The updated terms and conditions now restrict users from accessing the exchange if they are based in countries sanctioned by the U.S., UK, or the European Union. Notable mentions among these countries include Myanmar, Cuba, Iran, Iraq, North Korea, Sudan, Syria, and Zimbabwe.
In a public announcement on X (formerly Twitter), THORSwap stated, “THORSwap is back online!.” Beyond the updated terms of service, users are assured that the platform appears unchanged. However, behind the scenes, THORSwap has partnered with an industry leader to implement additional security measures, reinforcing the prevention of illicit fund flows.
THORSwap’s Background and Maintenance Mode
The THORSwap protocol, operating atop THORChain, facilitates seamless token trading across different blockchains. The decision to pause operations a week ago, entering “maintenance mode,” was made after consultations with advisors, legal counsel, and law enforcement.
FTX Exploiter’s Impact
The pause was further prompted by the sudden movement of funds from a crypto wallet labeled as “FTX Exploiter.” These funds, part of the $600 million drained by hackers from wallets associated with Sam Bankman-Fried’s FTX exchange, had remained dormant for several months. The FTX Exploiter’s wallet had engaged with various addresses and protocols, including THORSwap.