Decentralized Exchange THORswap Back Online After Discovery Of Illicit Cash; ProShares To Launch SETH ETF

Here are some major developments from the world of crypto over the past few days.

According to blockchain analytics firm Elliptic, an anonymous FTX exploiter has used the decentralized exchange THORSwap to convert ETH to BTC, which is traceable on-chain.

After briefly entering into a maintenance mode due to the discovery of illicit cash on its platform, THORSwap resumed its operations.

On October 12, THORSwap announced the relaunch of the platform on X.

Users were prompted to restart their scheduled “switching” of over 5,500 assets from their self-custody wallets across 10 blockchains. On October 6, the protocol stopped “swaps” as a precaution against the potential flow of illegal funds. THORSwap chose to take a break while it sought a long-term fix after the misuse of the platform came to light. In a recent announcement, THORSwap said it has implemented “shiny new terms of service” on its platform.

THORSwap’s new terms of service were updated on October 11, asking users to adhere to anti-money laundering regulations and agree to refrain from participating in any conduct that contravenes sanctions programmes or involves any illegal financial activity.

Proshares To Launch Unique Short Ether Strategy ETF

ProShares’ Short Ether Strategy ETF (SETH ETF) will start trading soon. In recent weeks, ProShares unveiled three Ethereum futures ETFs.

The first Ethereum futures ETFs debuted ahead of ProShares’ Short Ether Strategy ETF (SETH).

According to a document issued on Friday, SETH, which is set for listing on the NYSE Arca platform, aspires to produce daily investment results that mirror the opposite of the daily performance of the S&P CME Ether Futures Index.

According to the prospectus, the fund does not directly short ether; instead, it looks to profit from possible drops in the asset's value. As of last Friday, the price of ETH was around $1,540, a drop of about 6 per cent from the previous week.

Coinbase Pushes SEC To Act On Crypto Rulemaking Petition

Coinbase chief legal officer Paul Grewal has once again called for a mandamus to compel the Securities and Exchange Commission (SEC) to respond to the firm’s crypto rulemaking petition.

Coinbase intensified its efforts to obtain a court order ordering the SEC to take action on the company's petition for crypto rulemaking. To require the SEC to provide a formal response on whether it would accept or deny the petition, Coinbase is asking for a mandamus to be issued within 30 days. On October 12, the SEC finally gave a long-awaited progress report, indicating only that “commission staff provided a recommendation” to the SEC on Coinbase’s petition.

Paul Grewal, the chief legal officer at Coinbase, criticised the SEC for being slow to act in a post on X on October 13 and demanded a mandamus to compel the SEC to explain its intentions.

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