Transit Swap is hacked and loses $23 million, but later recovers 70% of it.
In another case of hacking in the crypto market, Transit Swap, a cross-chain swap aggregator platform, lost roughly $23 million. The exploit involved the manipulation of an internal bug on a swap contract by a hacker. However, the quick response of several blockchain security companies helped facilitate the subsequent return of around 70% of the […]
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In another crypto market hack, Transit Swap, a trading platform, lost about $23 million. The exploit involves repurposing an internal bug in an exchange contract by a hacker.
However, the quick response of many blockchain security companies helped to make the following return around 70% of the money. Funds were returned in the form of 3,180 Ether (ETH) at $4.2 million, 1,500 Binance-peg ETH at $2 million and 50,000 BNB at $14.2 million, according to BscScan and EtherScan. The Transit hack follows the $160 million heist from algorithmic marketer Wintermute a few weeks ago.
In another incident, a hacker used an ether (ETH) trading bot to exploit a “malicious code” vulnerability. The driver has finally got 1,101. Crypo’s value of $ 1.9 billion in January 2022, the increase in comparison to the number 60%. The Transit team took to Twitter on October 2 to address the hack. In a Twitter statement, the DEX aggregator revealed that a private investigation by the TransitFinance team revealed how the hack was carried out. The statement stressed that “security agencies are monitoring important data and channels.”
After the revelation, Transit Swap apologized to the employees and assured them that efforts are being made to find and recover the stolen funds.
The Transit team enlisted blockchain security firm PeckShield to help reduce the fight to an issue of misalignment or mistrust in exchange contracts. Other analysts later joined the lawsuit including SlowMist, Bitrace, and TokenPocket.
Security companies can identify the hacker’s IP address, email address, and chain address. After a quick turnaround, Transit said the team is scrambling to collect detailed user data and devise a specific return plan. The group also said it is still focused on recovering the last 30% of the stolen funds.
Transit Swap post lost $23 million to hackers but later recovered 70% appeared first on CoinSwitch.