Join the larget crypto conference of 2022 in Bitcoin

Hacker returns 70% of stolen funds from Transit Swap

5
(1)
Hacker returns 70% of stolen funds from Transit Swap 2

After the collaborative efforts of many crypto analytic platforms, the Transit Swap team managed to get back around $16.2 million worth of crypto assets from exploiter.

TransitSwap is a Decentralized exchange (Dex), which provides better liquidity and better return, on all chains in one single Transit Swap. 

On 1 October, a hidden bug impacted the platform badly, where a hacker managed to steal around $23 million worth of crypto assets from the platform.

Cybersecurity firm SlowMist analyzed this incident and noted that the hacker was able to attack the platform because of a vulnerability in Transit Swap’s smart contract code.

SlowMist explained:

“The root cause of this attack is that the Transit Swap protocol does not strictly check the data passed in by the user during the token swap, which leads to the issue of arbitrary external calls. The attacker exploited this arbitrary external call issue to steal the tokens approved by the user for Transit Swap.”

In less than 24 hours of the hack attack, all the leading crypto analytic platforms Peckshield, SlowMist, Bitrace, and TokenPocket actively traced the details of the hacker and successfully collected email address & IP address. All these security firms managed to force the hacker to return the funds. 

Hacker returned 70% of $23 million hacked crypto assets. The returned funds include 3,180 Ether (ETH) ($4.2 million), 1,500 Binance-Peg ETH ($2 million), and 50,000 BNB ($14.2 million).

On 2 October, the Transit Swap team informed the platform users that they are transferring the recovered funds to a new wallet address and the team is trying to convince the hacker to return more funds.

The Dex team also urged hackers to contact the team at service@transit.finance.

These types of incidents every month are showing that the Defi industry will take more years to gain better potential in terms of security to the funds of crypto investors. 

Read also: we have moved mountains together but critics are not looking at those achievements, says Hoskinson

Hacker returns 70% of stolen funds from Transit Swap

 

https://bitcoinik.com/hacker-returns-70-of-stolen-funds-from-transit-swap/feed/

https://bitcoinik.com/hacker-returns-70-of-stolen-funds-from-transit-swap/feed/

 

 

 

 

 

Ads by Cryptonews24

OKX - Moon Trade

Moon Grid trading bot
OKX’s new Moon Grid bot automatically buys low and
sells high within a wide price range using artificial intelligence based on market backtesting.
Quick to set up with smart entry and exit points!

How does it work?

  • Select Trade in the main menu, then select Trading bot.
  • Select a spot trading pair from the Trading bot menu.
  • Select Moon Grid from the listed strategies.
  • Enter the amount you want the bot to trade and click Create.
  • Your bot will then be live.
  • To view and manage your Moon Grid bot, select Bots at the bottom of the trading dashboard.

 

Trade with Moon Grid now
 

—————————————————————————————————————————————-

Ads by Cryptonews24

 

 

 

Risk Reminder:
Trading foreign exchange and/or contracts for differences on margin carries a high level of risk and may not be suitable for all investors.
The possibility exists that you could sustain a loss in excess of your deposited funds.
Before deciding to trade the products reviewed by Cryptonews24.eu, you should carefully consider your objectives, financial situation, needs and level of experience.
You should be aware of all the risks associated with trading on margin.
Cryptonews24.eu provides general news and advice that does not consider your objectives, financial situation or needs.
The content of this website must not be construed as personal advice.
Cryptonews24.eu recommends you seek advice from a separate financial advisor.
Nothing on this website should be considered financial advice.
This website is for informational purposes only and you should not rely on anything that is printed or said on this website to make any financial decisions.

 

How useful was this post?

Click on a star to rate it!

Average rating 5 / 5. Vote count: 1

No votes so far! Be the first to rate this post.


TELEGRAM
Cryptonews24 Channel Chat