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Transit swap seal the deal with Hackers to return 6,500 BNB to users

The decentralised finance (DeFi) system Transit Swap made an announcement on October 10 stating that it had reached an agreement with the hacker over the recovery of funds. According to the announcement, the hacker is ready to return 6,500 BNB to the users. In addition to this, as per the Transit Swap post, the hacker also confirms to repay an additional 3,500 BNB after the second phase initiated by Transit Swap. Notably the hacker confirms to possess 2500 BNB as a reward after revealing the bug in friendly communication with team Transit Swap.

A hacker exploited an internal bug in a swap contract within the protocol around one week earlier, which led to other persons imitating the security breach and resulting in the loss of over $23 million in user funds.

Officials from TransitFinance express their appreciation:

Officials from TransitFinance express their appreciation

Peckshield, SlowMist, Bitrace, and TokenPocket were among the security businesses that assisted in recovering around 70% of the funds stolen by the primary hacker who was responsible for the attack. They swiftly identified the hacker by locating their IP address, email address, and associated-on-chain addresses, and from there they were able to trace them down.

In addition, the Transit Swap team has set a deadline of October 12 on the two hackers who imitated them and the hacker who arbitraged the transaction so that they may refund the stolen funds. Following that, the developers issued a veiled warning that “judicial actions” would be taken.

Due to the fact that users were anonymous, DeFi exploits were generally considered to be a high-reward, low-risk venture at the beginning of the year. Recently, the proliferation of blockchain analytic organisations and forensic DeFi firms, in conjunction with a restriction on crypto-mixer tools in the United States such as Tornado Cash, has made it more difficult for cybercriminals to launder ill-gotten gains and resell them. 

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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