Altcoin News by Thebittimes.Com

Key takeaways THORChain-based decentralised exchange THORSwap is currently in maintenance mode. The DEX seeks to curb a rise in potentially illicit funds moving through the platform. THORSwap DEX is now in maintenance mode THORChain-based decentralised exchange THORSwap announced via X (formerly Twitter) that it is temporarily transitioning” into maintenance mode as it seeks to curb the surge in potentially illicit funds moving through the platform. Fellow THORChads, A pressing and persistent concern has recently come to light: the potential movement of illicit funds through THORChain and, specifically, THORSwap. Such activities have no place on the THORSwap platform, and THORSwap stands firmly against any and all criminal… — THORSwap ⚡ #BetterThanCEX (@THORSwap) October 6, 2023 The team pointed out that the movement of illicit funds through its platform is a pressing and persistent concern and needs to be addressed as s...

While fiat channels remain the dominant tool for criminal financing, Bitcoin appears to have fallen out of favor for criminals as far as cryptocurrencies go. According to new research, fewer cybercriminals are turning to Bitcoin as their primary method of moving illicit funds, with bad actors opting to go back to fiat channels or choosing other cryptocurrencies. Digital asset compliance and risk management firm TRM Labs revealed that illicit finance volumes involving Bitcoin (BTC) had fallen significantly over the past seven years, according to its “Illicit Crypto Ecosystem Report,” released on June 28. TRM Labs said instead a new multichain era has led to a “qualitative leap” away from Bitcoin as a primary means of moving criminal proceeds. The firm also highlighted that cash and other forms of fiat-related finance remain the “default” means of criminal money movements. “Indeed, cash and even older forms of finance such as hawala (transferring money without physically moving it) rem...