According to reports, Transit Swap, a decentralized crypto aggregator, was recently exploited by hackers. Furthermore, the hackers reportedly stole about $24 million from the platform and, however, returned $16.1 million afterward.
Transit Swap Lost $23 Million To A System Hack
Yet again, another blockchain platform has suffered at the hands of fraudulent perpetrators. According to a news report, hackers exploited the Transit Swap exchange on Sunday via a system bug.
Furthermore, SlowMist, a crypto security platform that looked into the case, reported that about $23 million was lost in the attack. It added that the hackers exploited the platform using an arbitrage bot to front-run a transfer.
In addition, the developers of the exploited platform stated that with aid from some crypto security firms, they have some of the hacker’s data. According to them, they have the email, IP, and on-chain addresses of the perpetrator.
They added that they would do their possible best, with help from other firms, to track down the hacker. Afterward, they promised to help everyone affected recover their funds by negotiating with the perpetrator.
Additionally, they promised to reveal more details about the attack and the attacker soon. Howbeit, SlowMist associated that exploitation with Transit Swap’s lack of thorough examination of users’ data while swapping their tokens. For that reason, the attacker could use the arbitrary external call to dupe the platform.
Perpetrator Returned 70% Off The Funds
Fortunately, some hours after the incident, the hacker reportedly released about 70% of the funds to the platform. As per reports, the platform received $16.1M of the stolen $23M from the perpetrator.
According to the report, he sent the fund into two separate Binance Smart Chain and Ethereum wallets. Furthermore, it can be deduced from the report that the hacker has carted away the remaining millions in BNB and ETH.
In addition, after receiving the returned portion, Transit Swap developers tweeted that they would shift it to different ETH and BNB wallets for safety.
The DEX Protocol Promised To Recover And Return Stolen Funds
So far, the exploited platform has not aired any statement that suggests how to repay the victims. Howbeit, the developers stated that they are still figuring out a repayment structure that would suit the victims.
The latest report revealed that the developers of the DEX protocol are still negotiating with the hacker via email. They promised users they would soon get more assets from the hacker with aid from other firms.
Meanwhile, the report also showed that the developers of the Transit Swap are gathering information on the exploited users. It added that they plan to recover and return all the stolen funds to the rightful owners soon.