The decentralized exchange (DEX) Transit Swap lost nearly $21 million after the hacker attacked it using an internal bug.
Responding to updated security measures implemented by crypto businesses, hackers continue to develop their methods to deceive investors.
Transit Swap Loses $21M Due to Code Error
Transit Swap lost nearly $21 million after a hacker exploited an internal bug in a swap contract. Following the announcement, Transit Swap apologized to users, stating that it is continuing to track and recover the stolen funds.
Transit Swap announced via Twitter that the error in the code allowed a hacker to miss an estimated $21 million; “We are very sorry,” he said. Blockchain researcher Peckshield described the attack as a compatibility issue or misplaced trust in the swap agreement.
— Transit Swap | Transit Buy | NFT (@TransitFinance) October 2, 2022
Along with other researchers, including Peckshield, SlowMist, Bittrace, and TokenPocket, he joined the quest to track down the hacker.
Transit Swap said the following about the attack:
“We now have a lot of valid information such as the hacker’s IP, email address and linked chain addresses. We will do our best to track down the hacker and contact the hacker and help everyone recover their lost”
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