Bitcoin maximalist Max Keiser has commented on the recent closure of the DeFi platform ThorSwap, which was initiated after the FTX hacker made an attempt to convert the stolen ETH through it.
The ThorSwap DeFi platform has been transferred into maintenance mode once the hacker who stole millions of USD in crypto from the FTX exchange last November right after it went bankrupt attempted to convert some of the stolen ETH through it.
Yuri MolchanThe hacker stole millions of crypto from FTX and then converted them to approximately 180,000 ETH. As reported by U.Today on Friday, this exploiter managed to convert 76,636 ETH into tBTC through Threshold Network after ThorSwap halted operations so as not to allow the hacker to do the same.
They still own about 110,000 ETH. Max Keiser believes that since a DeFi platform can be shut down to prevent such kind of an illegal operation, it blows the reputation of the whole decentralized finance sector.
It seems like a plain choice of whether to remain formally decentralized and let hackers convert stolen funds or suspend operations on the platform in order to stop bad actors from profiting.
Max Keiser is a long-standing advocate of Bitcoin, claiming that all other cryptocurrencies, including Ethereum, are a scam and should be banned. He supports the SEC crackdown on multiple crypto exchanges and Gary Gensler stating that all cryptos, aside from BTC, are unregistered securities.
Keiser has also taken the side of the SEC in the famous Ripple-SEC case, which has been going since late December 2020. Recently, Ripple has held a major win after the court ruled that its XRP sales on the secondary market do not qualify as securities.
Tomiwabold Olajide
U.Today Editorial Team
Vladislav Sopov
Dan Burgin