The ThorSwap DeFi platform was just shut down after the FTX hacker attempted to use it to convert the stolen ETH, according to Bitcoin maximalist Max Keiser.
When the hacker who stole millions of dollars’ worth of cryptocurrency from the FTX exchange last November just after it went bankrupt tried to convert part of the stolen ETH through it, the ThorSwap DeFi platform was put into maintenance mode.
The hacker took millions of dollars’ worth of cryptocurrency from FTX and then exchanged it for about 180,000 ETH. As U.Today revealed on Friday, this exploiter was able to use Threshold Network to convert 76,636 ETH into tBTC after ThorSwap ceased operations to prevent the hacker from doing the same.
About 110,000 ETH are still theirs. Max Keiser thinks that the fact that a DeFi platform may be shut down in order to stop this sort of unlawful activity damages the standing of the whole decentralised finance industry.
It seems like a simple option between maintaining the platform’s nominal decentralisation and allowing hackers to convert stolen monies or suspending operations to prevent malicious users from making money.
Max Keiser has always supported Bitcoin and believes that all other cryptocurrencies, including Ethereum, are frauds and need to be outlawed. He concurs with Gary Gensler’s claim that all cryptocurrencies, save Bitcoin (BTC), are unregistered securities and the SEC’s attack on many crypto exchanges.
In the well-known Ripple-SEC case, which has been ongoing since late December 2020, Keiser has also sided with the SEC. After the court decided that Ripple’s XRP sales on the secondary market do not constitute as securities, the company recently held a significant victory.
