Hackers Steal $21 Million From DeX Aggregator Transit Swap

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  • Peckshield provided a flowchart to illustrate the movement of the stolen assets.
  • Transit Swap thanks its customers for their patience and faith.

About $21 million was stolen from the multi-chain decentralized exchange (DEX) aggregator Transit Swap after a hacker took advantage of a flaw in a swap contract. The company has already issued an apology to its customers and is working to retrieve the stolen monies.

Since a security flaw in the code caused a hacker to steal an estimated $21 million, Transit Swap has issued a “We are deeply sorry” statement. Peckshield, a blockchain researcher, determined that the attack was likely caused by a compatibility problem or a misplaced trust in the swap contract.

Tracing the Hacker and Assets

Investigators such as SlowMist, Bitrace, and TokenPocket, in addition to Peckshield, working together to find the thief. Peckshield provided a flowchart to illustrate the movement of the stolen assets.

Transit Swap stated:

“We now have a lot of valid information such as the hacker’s IP, email address, and associated on-chain addresses. We will try our best to track the hacker and try to communicate with the hacker and help everyone recover their losses.”

According to the current investigation, the hacker may have made previous withdrawals from the identified exchanges. In the meanwhile, Transit Swap thanks its customers for their patience and faith. Promising to provide further information as soon as possible.

Hackers constantly refine their techniques to defraud cryptocurrency investors, in direct response to the industry’s ever-evolving security infrastructure. With Transit Swap, users may do a decentralized swap, an aggregated transaction, and a single cross-chain operation all in one place. TokenPocket allows users to instantly exchange and transfer tokens across several networks in a decentralized manner.

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A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.