Al-Obour swap loses $23 million due to vulnerability; Recovers 70% by CoinEdition

© Reuters. Al-Obour swap loses $23 million due to vulnerability; recovering 70%
  • Transit Swap was exploited, resulting in the theft of $23 million in funds.
  • DEX said it obtained the IP address and email address of the hacker.
  • With the help of security teams, Transit Swap was able to recover 70% of the $23 million.

Cross-chain aggregator Transit Swap announced that it was hacked due to a vulnerability in its code and lost nearly $23 million.

Twitter platform Transit Swap DEX (NYSE:) wrote,

After a self-review conducted by the TransitFinance team, it was confirmed that the incident was caused by a hacker attack due to a flaw in the code. We deeply regret.

The hack, which was identified on October 2, hinted that the hacker may have made previous withdrawals from known exchanges. Transit Swap has apologized to its Twitter users and added that it will share more details about the results with the community.

In essence, blockchain security firm SlowMist released a root cause analysis of the hack, stating:

The root cause of this attack is that the Transit Swap protocol does not accurately verify the data that the user passes during the token exchange, which leads to the problem of arbitrary external calls.

Transit Swap has already managed to get the hacker’s IP address, email address, and addresses connected on the chain. The exchange also encouraged the hacker to return the stolen funds.

In particular, with the help of blockchain companies like SlowMist, Bitrace, PechShield, Token Pocket and TransitFinance, Transit Swap has so far been able to recover 70% of the $23 million in stolen funds.

Subsequently, the funds were returned in the form of 3,180 Ether (ETH) worth $4.2 million, 1,500 Ether worth $2 million and 50,000 BNB worth $14.2 million. The Transit Swap team said they are still trying to recover the remaining 30% of the funds. Also, they did not return the money to users, saying that they were collecting data to develop a recovery plan.

Post-transit swap lost $23 million due to vulnerability; The 70% recovery rate first appeared in the Coin Edition.

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