ChainSwap Exploit Suffered a Loss of $8M

ChainSwap Exploit Suffered a Loss of $8M
  • On July 10 ChainSwap suffered a loss of $8 million.
  • Attackers minted tokens directly to their address.
  • ChainSwap has frozen its bridge between Ethereum and BSC. 

The recent attack that occurred on July 10, decentralized cross-chain platform ChainSwap suffered a loss of $8 million, according to the report.

Moreover, the representatives of ChainSwap advised the users not to purchase any of the platform’s native tokens, ASAP while they investigated the attack, in their official Twitter account.

Accordingly, after an hour they posted another tweet, advising users that they had snapshotted all holders and LPs before the hack. The tokens like Antimatter and Optionroom have stated, they will compensate token holders on a 1:1 basis.  ChainSwap has frozen its bridge between Ethereum and Binance Smart Chain (BSC) and noted that all ASAP holders will compensated.

By exploiting ChainSwap, the attacker handled to take control of the project’s BSC contracts. More so, attackers minted tokens directly to their address and then sold them on PancakeSwap, Binance Smart Chains (BSC) most popular decentralized exchange.

Henceforth, the strike was first to find out and discovered by n30, a developer at Wilder World, an Ethereum-based NFT startup backed by YouTuber Jake Paul. The hacker handled to steal 20,000,000 WIDE, Wilder World’s native token.

Even more, the report also indicates that the attack impact over 10 projects. Decentralized oracle Umbrella Network contains more than 3 million of its UMB tokens stolen. At the same time, the attacker also aimed Antimatter, Dafi, Blank, Razor, and Oro projects.

First attack

Additionally, this is the second attack in this month ChainSwap has suffered. On July 2, the platform suffered a loss of $800,000 after an attacker has exploited another vulnerability in its code. Even more, the ChainSwap team bought back the affected tokens from the market and issued refunds.

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