Thorswap Implements Stricter Measures: Bans Dozen Countries and Collaborates for Enhanced Security
After a hacker exploited Thorswap to transfer millions of dollars in cryptocurrency, the platform took immediate action on October 6 by temporarily suspending its operations. The team made it clear that they strongly condemn any criminal activities. Now, in less than a week, Thorswap has resumed its services with new security measures in place.
On October 12, Thorswap announced on social media that it is back online and users can continue swapping over 5,500 assets across 10 blockchains using their self-custody wallet. While users won’t notice significant changes, the platform has partnered with a prominent industry player to introduce extra security measures and prevent illegal fund movements.
However, some individuals expressed skepticism about the partnership, questioning whether Thorswap is utilizing a centralized chain analysis firm. In their updated terms of service, Thorswap now prohibits residents from twelve countries, including Belarus, Iran, North Korea, and Syria, from using the platform. It also includes individuals who are subject to sanctions imposed by the United States, the United Kingdom, or the European Union.
The developers of Thorswap acknowledge that there may be further adjustments needed in the coming days to ensure optimal performance and security.
Hot Take: Thorswap Reinforces Security Measures Following High-Profile Incident
Thorswap’s decision to temporarily halt its operations after being exploited by a hacker demonstrates their commitment to maintaining integrity within the crypto space. By implementing stricter protocols and collaborating with industry players for enhanced security measures, Thorswap aims to prevent unauthorized fund circulation and protect its users.
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