Cross-chain DEX (decentralized exchange) aggregator Transit Swap was exploited, resulting in US$23 million lost funds, crypto auditor SlowMist said on Sunday. The hacker has returned 70% of the stolen funds, Transit Swap said on the same day.
See related article: Nomad's US$200 million hack; Saylor steps down
Transit Swap has not returned the funds to users, saying it is collecting data to develop a refund plan.
Before the hacker made the refund, Transit Swap said it had obtained the exploiter's IP and email address and was actively reaching out.
Transit Swap says they are still trying to recover the remaining 30% of the funds.
In August, blockchain analytics firm Chainalysis estimated that US$2 billion worth of cryptocurrency has been drained as of August from cross-chain bridges in 2022, which accounted for 69% of total stolen funds.
See related article: Why blockchain bridges have become DeFi's Achilles heel