Transit Swap, a multi-chain decentralised exchange (DEX) aggregator platform, stated on Twitter that it has lost $21 million as a result of a hacker exploiting an internal fault in its swap contract.
Latest developments showed that their efforts have become successful as the hacker returned 70% of stolen funds. Transit Swap gave an update, confirming that the hacker has returned 70% of the funds via two addresses. And said the security experts are still working to recover the remaining funds.
📢📢📢Updates about TransitFinance
1/5 We are here to update the latest news about TransitFinance Hacking Event. With the joint efforts of all parties, the hacker has returned about 70% of the stolen assets to the following two addresses:
— Transit Swap | Transit Buy | NFT (@TransitFinance) October 2, 2022
Following the event, Transit Swap apologised to users and stated that efforts are being made to recover the stolen monies. According to the DeFi platform, “The incident was caused by a hacker attack owing to a fault in the code, according to the TransitFinance team’s self-review. We sincerely apologise.”
SlowMist, PeckShield, Bitrace, and TokenPocket security and technical teams are assisting the DEX aggregator in tracking down the hacker and recovering the cash.
According to Transit Swap, a defect in the coding allowed a hacker to flee with an estimated $21 million. PeckShield, a blockchain security firm, added that the assault could have been caused by a compatibility flaw.
Transit Swap also stated that while they were able to obtain the hacker’s IP address, email address, and linked on-chain addresses, they invited the hacker to contact them in order to restore the funds. “We now have a wealth of useful information, including the hacker’s IP address, email address, and linked on-chain addresses. We will do our best to track out the hacker, speak with him, and assist everyone in recouping their losses.”
Meanwhile, users have begged Transit Swap to cover the remaining funds if the hacker does not return them. They reasoned that the exploit was caused by the DEX and would not have occurred otherwise.
According to Chainalysis, overall revenue from crypto crime was $1.6 billion in the first half of this year, which was less than the sum recorded in the first half of 2021. The decline in crypto crime figures has paralleled the decline in crypto values. However, the value of hacked crypto assets has climbed from $1.2 billion to $1.9 billion in the last year, indicating that some forms of crypto-crime have surged.
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