The exchange THORSwap, which shut down last Friday after a string of deals connected to the FTX hack, resumed operations on Friday after revising its terms and conditions to bar North Korea and other nations subject to U.S. and European Union financial restrictions.According to CoinMarketCap, the native token of the platform (THOR) has increased by 10% during the last 24 hours.
Users who reside in nations that have been sanctioned by the United States, United Kingdom, or the European Union are prohibited from using the exchange, according to the amended terms and conditions.Zimbabwe, Myanmar, Cuba, Iran, Iraq, North Korea, Sudan, and Syria are among the specific nations mentioned.
“THORSwap is back online!” the company wrote in a post on X (formerly Twitter). “Other than the shiny new terms of service, users won’t notice a thing. Behind the scenes, we’ve partnered with an industry leader to put some extra guardrails in place to help prevent the flow of illicit funds.”
The THORSwap protocol is built on top of THORChain, a network that enables users to freely exchange tokens between various blockchains.Following “consultation with advisors, legal counsel, and law enforcement,” as the team put it, it had suspended operations a week earlier and switched to “maintenance mode.”
The declaration was made after monies that had lain dormant in a cryptocurrency wallet identified as belonging to “FTX Exploiter” for many months suddenly began migrating there in recent weeks to a variety of addresses and protocols, including THORSwap.The upheaval that followed the company’s messy bankruptcy filing in late 2022 saw some of the $600 million stolen by hackers from wallets linked to Sam Bankman-Fried’s FTX exchange stored in the FTX Exploiter wallet.