Hacker has returned 70% of stolen US$23 mln in funds: Transit Swap




  • In Business
  • 2022-10-03 04:07:32Z
  • By Forkast News
 

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 

Fast facts

  • Transit Swap has not returned the funds to users, saying it is collecting data to develop a refund plan.

  • At 4:25 p.m. Sunday Hong Kong time, SlowMist said on Twitter that US$1.07 million BUSD had been stolen. Later, it updated the amount of total stolen funds to US$23 million in a blog post.

  • 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

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  • Fullcrackerz
    (2022-10-03 06:29:15Z)

    Very good article! We will be linking to this particularly great post on our website.

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