Transit Swap loses over $21M due to internal bug hack, issues apology

Transit Swap, an aggregator of multi-chain DEX exchanges (DEX), lost approximately $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 being made 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.

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Transit Buy

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.

#MEV A very profitable MEV bot, internally named as 0xbad, was somehow tricked/hacked with 1,101 ETH loss (~$1.45M) in the following tx: https://t.co/FxXSY8AyhX
— PeckShield Inc., (@peckshield), September 27, 2022

A hacker exploited an Ethereum (ETH), arbitrage trading bot, to drain 1,101 ETH. This was approximately $1.41 million at time of writing.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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