Transit Swap suffers a loss of $21M from a code bug exploit.

issues an apology

Transit Swap, a multichain decentralized Exchange (DEX) aggregater, suffered a loss of $21 million when a hacker exploited a bug in a swap contract. Transit Swap issued an apology for the victims following the revelation. Currently, efforts are underway to recover the stolen funds.

Transit Swap stated, “We are deeply sorry,” while admitting that a flaw in the code allowed a hacker access to an estimated $21million. Peckshield, a blockchain investigator, narrowed the attack to a compatibility problem or misplaced trust within the swap contract.

Peckshield joined other investigators like Bitrace, SlowMist and TokenPocket in the hunt to find the hacker. Transit Swap was stated:

“We now have lots of valid information, such as the hacker’s IP address, email address and on-chain addresses. We will do our best to locate the hacker, communicate with him and help them recover their losses.

Below is a flowchart that shows the flow of stolen assets as shared by Peckshield.

The hacker could have made withdrawals from exchanges before the current investigation revealed. Transit Swap promised to share more information with the community and added that they “Thank you for understanding and trust.”

Cointelegraph has yet to hear back from Transit Swap.

Similar: Amber Group shows how simple and fast the Wintermute hack is using simple hardware

Hackers continue to develop their methods to trick investors by taking advantage of the latest security measures implemented crypto businesses have put in place.

A hacker recently used an Ethereum ( ETH), arbitrage trading bot to exploit “bad code” vulnerability and drain 1,101 Ethereum. This was approximately $1.41 million at time of writing.

Opinion writer on 7trade7