The hacks in the crypto industry are rising every day and the latest victim on the list is a multi-chain decentralized exchange aggregator Transit Swap. According to recent investigations, the protocol faced a loss of around $21 million when a hacker exploited an internal vulnerability on its swap contract.
Transit Swap issued an apology
Soon after the news broke in the crypto Twitter community, Transit Swap issued an apology to the users and stated that the team is actively working on tracking down and recovering the stolen money.
— Transit Swap | Transit Buy | NFT (@TransitFinance) October 2, 2022
“We are deeply sorry,” posted the cross-chain swapping platform on Twitter while revealing that a vulnerability in the code opened doors for the attacker to steal a sum of over $21 million from user funds. Renowned Blockchain investigator Peckshield also looked into the attack and narrowed it down to a misplaced trust or compatibility issue in the swap contract.
It joined the search to find the hacker along with fellow investigators SlowMist, Bitrace, and TokenPocket. Meanwhile, Transit Swap stated:
“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.”
Investigative data suggests that the hacker may have made previous withdrawals from well-known exchanges. Transit Swap expressed gratitude for the community’s trust and understanding by promising to provide more information in due time.
Hackers continue to refine their methods for deceiving investors in response to the upgraded security measures put in place by cryptocurrency companies.
Recently, as TheCoinRise reported, renowned DeFi market maker Wintermute suffered a loss of $160 million in an Operations hack. Later, famous Librehash analyst James Edwards claimed that the attack had an involvement from someone inside the team.
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