Crypto: Attack causes Transit Swap to lose $21 million

It is undoubtedly the season for attacks on companies in the crypto value chain. We no longer count them, they are so numerous and frequent in the ecosystem. As businesses bear the brunt of low crypto prices, they face attacks against which they are sometimes unable to defend themselves. Indeed, the perpetrators of these malicious acts redouble their efforts to crack down and leave no trace.

A loophole in the Transit Swap smart contract?

The decentralized exchange (DEX) Transit Swap is the latest victim of hackers operating in the crypto markets. He has just announced that he was the victim of an attack which cost him a whopping 21 million dollars. The attack comes from a hacker, who took advantage of an internal flaw in Transit Swap’s smart contract. Something that the company did not fail to explain to its online community, before apologize.

“After a review by the TransitFinance team, it has been confirmed that the incident was caused by a hacker attack due to a bug in the code. We are deeply sorry”he wrote.

Transit Swap also said efforts are underway to recover the funds. For this, he works with the technical and security teams of SlowMist, PeckShield, Bitrace, TransitFinance and TokenPocket. A few hours later, on Sunday, the DEX announced that it was able to obtain the hacker’s IP address, email address and associated addresses. Transit Swap also encouraged the hacker to contact them to return the cryptos.

Thanks to the exchanges between the two parties, the DEX came into possession of 70% of the funds. The exchange is also working to collect the remaining 30%.

Some users of the crypto platform suggested that he cover the rest of the funds. This, if the pirate refuses to give back. For them, it’s completely appropriate since the attack is the DEX’s fault and wouldn’t have happened otherwise. This umpteenth situation calls for greater responsibility on the part of platforms in terms of security.

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