Transit Swap, known as a multi-chain DEX aggregator, went through the exploit of almost $21 million. A hacker effectively took advantage of the venue’s internal bug associated with a swap contract. As the exploit was done, Transit Swap noticed it and apologized to the consumers for the mishap. The venue confirmed that it is involved in taking measures to get to the exploiter as well as to recover the funds that have been stolen.
Transit Swap Sees an Exploit with the Drainage of $21M
As per Transit Swap, they were sorry while disclosing that a hacker was permitted to withdraw nearly $21M via exploiting the bug. The exploit was thoroughly examined by Peckshield (a blockchain investigator) and it was of the view that some compatibility issue was present in the respective swap contract leading to the successful execution of the hack.
Peckshield and the other investigators like TokenPocket, SlowMist, and Bitrace were the collaborators in tracking down the exploiter. After doing a lot of effort, the respective organizations were successful in their pursuit. According to Transit Swap, the investigators gathered substantial true information regarding the hacker. The platform emphasized to have reached the IP address, the email address, along with the on-chain addresses to catch the thief.
In Transit Swap’s words, their initial endeavor would be to have an interaction with the hacker so they may recover the hacked funds. The respective investigation signified that some earlier withdrawals might also have been performed by the exploiter from the other exchanges. At the end of the description of such details, Transit Swap thanked the customers for their trust and understanding.
Crypto Hacks Rise in Number Despite the Exclusive Security Measures
To confront the latest security measures that the crypto businesses have implemented to stay at a distance from the losses, a continuous evolution is taking place in the methods adopted by the exploiters to target innocent investors to consequently loot their assets without even their knowledge. Such an evolution has played a significant role in the continuously increasing number of attacks with time despite the overall decline being experienced by the market.
Another similar event took place recently where an arbitrage trading robot (specified for Ethereum) was utilized on the behalf of an exploiter to attack the vulnerability of such a bad code. As the exploitation’s result 1,101 ETH tokens (with an approximate worth of nearly $1.41M) were drained by the attacker.
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