Analysis · DeFi
Trading resumed on Bitcoin and Ethereum following an Oct. 31 halt, though Binance Smart Chain, Cosmos and Solana remain restricted.
Key point 1 of 3
01
THORChain restarted token swaps on Bitcoin, Ethereum, and other chains on Nov. 3 after an Oct. 31 halt caused by an Ethereum reorg.
Key point 2 of 3
02
Pangolin Intelligence alleged that node operators knowingly restarted the network while expecting North Korean hackers to launder stolen funds.
Key point 3 of 3
03
BNB Smart Chain, Cosmos Hub, and Solana remain restricted on the protocol, with 14 network nodes yet to upgrade.
Context
THORChain paused swaps on 12 blockchains following an Ethereum reorganization that caused a refund error, inadvertently halting the laundering of stolen Binance funds.
Why it matters
The restart restores cross-chain swap functionality for major assets but places anonymous node operators and arbitrageurs under severe scrutiny regarding their role in processing…
What to watch
Monitor the protocol for the resumption of swaps on BNB Smart Chain, Cosmos Hub, and Solana, and track potential regulatory pressure on arbitrage traders routing THORChain…
Sources
Built from 3 primary sources, machine-checked before publication.
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