Multi-Chain DEX Transit Swap Lost $21M In An Exploit: Details
- Transit Swap, a decentralized exchange, has been officially hacked, and the haclers have made away with around $21 million in users’ funds.
- According to the data from blockchain security firm Slowmist, the hackers have returned over 70% of the funds from the hack and it seems that the project team is set to retreive almost all the funds.
- “We now have a lot of valid information such as the hacker’s IP, email address, and associated on-chain addresses,” said the DEX team.
Transit Swap, one of the biggest decentralized exchanges in the crypto space, has been officially hacked, and the people behind the exploit have made away with around $21 million. The person behind the attack was able to take advantage of an internal bug on a swap contract in the multi-chain DEX. Furthermore, the attack has been confirmed by the team of developers, as they have issued a public apology on the same.
The users’ funds that have been stolen are being tracked down by the analysts and it seems that the whereabouts of the funds have been tracked as per the updates released by the DEX. It was confirmed that “the security companies and project teams of all parties are still continuing to track the hacking incident and communicate with the hacker through email and on-chain methods.”
Interestingly, the team has collected a lot of data about the hacker and implying that they won’t be able to get away.
“We now have a lot of valid information such as the hacker’s IP, email address, and associated on-chain addresses. We will try our best to track the hacker and try to communicate with the hacker and help everyone recover their losses,”
said Transit Swap.
“We are deeply sorry,” stated Transit Swap while confirming that the hackers took the advantage of a bug and away with millions in users’ funds. “The team will continue to recover the remaining assets of hackers’ stolen assets and return them to the lost users,” stated Transit Swap while discussing the possibilities of a refund of the funds.
The decentralized exchange also confirmed that the team is “is rushing to collect the specific data of the stolen users and formulate a specific return plan.”
“The team will continue to update the progress and release announcements. We appreciate your patience and thank you for your understanding.”
said Transit Swap in another Twitter post.
However, according to the data provided by Slowmist, a blockchain security firm, the hacker has returned about 70% of the stolen assets to the Transit Swap and these funds will be returned to the users of the decentralized exchange.
Hacks and exploits have become fairly common in the crypto industry and it seems that before the regulatory authorities step in, the wild west of crypto will remain a playground for hackers.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
