Transit Swap, a multi-chain decentralized exchange (DEX) aggregator, lost roughly $21 million following a hacker exploited an interior bug on the swap contract. Following a thought, Transit Swap issued an apology towards the users while efforts to find and recover the stolen money is going ahead.
“We are deeply sorry,” mentioned Transit Swap while revealing that the bug within the code permitted a hacker to create away by having an believed $21 million. Blockchain investigator Peckshield narrowed lower the attack to some compatibility issue or misplaced rely upon the swap contract.
— Transit Swap Transit Buy NFT (@TransitFinance) October 2, 2022
Peckshield, as well as other investigators, including SlowMist, Bitrace and TokenPocket became a member of in around the mission for find the hacker. Transit Swap mentioned:
“We are in possession of lots of valid information like the hacker’s IP, current email address, and connected on-chain addresses. We’ll try our very best to trace the hacker and then try to talk to the hacker which help everybody recover their losses.”
The flowchart below depicts the flow from the stolen assets, as shared by Peckshield.
The continuing analysis hinted the hacker might have performed earlier withdrawals from known exchanges. Transit Swap has guaranteed to talk about additional information using the community promptly, adding that “Thank you for the understanding and trust.”
Transit Swap hasn’t yet taken care of immediately Cointelegraph’s request comment.
Related: Amber Group uses simple hardware to exhibit precisely how fast, easy the Wintermute hack was
Reciprocating the updated safety measures implemented by crypto companies, online hackers still evolve their techniques to dupe investors.
#MEV A really lucrative MEV bot, internally named as 0xbad, was in some way tricked/hacked with 1,101 ETH loss (~$1.45M) within the following texas: https://t.co/FxXSY8AyhX
— PeckShield Corporation. (@peckshield) September 27, 2022
Lately, a hacker used an Ethereum (ETH) arbitrage buying and selling bot to exploit a “bad code” vulnerability for draining 1,101 ETH, that was around $1.41 million during the time of writing.
