To investigate the hack, the crypto exchange brought in a number of blockchain security companies

Hacker returns 70% of stolen funds from Transit Swap

03.10.2022 - 08:15


1 min

What’s new? On October 1, Transit Swap, a decentralized exchange (DEX), was hacked. As a result of an internal bug on a swap contract, the attacker managed to withdraw $23 million. However, the team’s quick response and cooperation with cybersecurity companies made it possible to recover 70% of the stolen funds, Cointelegraph reports.

News on the Cointelegraph website

What else is known about the incident? The developers of the exchange brought in blockchain security companies, Peckshield, SlowMist, Bitrace, and TokenPocket, to investigate the hack. As a result of their joint efforts, they were able to figure out the hacker’s IP address, email, and associated wallets.

Less than 24 hours after the hack, the hacker returned 70% of the stolen assets, sending 3180 ETH, 1500 Binance-Peg ETH, and 50 000 BNB, totaling about $16,2 million. The Transit Swap exchange continues its efforts to recover the remaining 30% of funds.

In September, the DeFi protocol of Wintermute, a market maker, was subjected to a hacker attack, which resulted in the loss of about $160 million in cryptocurrency. Cybersecurity expert James Edwards, known by the nickname Librehash, said that the project’s employees themselves were behind the DeFi protocol’s hack.

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy