Transit Swap Lost 21 Million USD Due to Code Bug Exploit - Crypto projects are still targeted by hackers despite the crypto market dropping.

    Transit Swap, a decentralized exchange aggregator, lost more than $21 million after hackers exploited an internal bug on the swap contract. Transit Swap then apologized to users and said they were working hard to track down and recover the stolen funds.

    Peckshield, along with other investigative firms, including SlowMist, Bitrace and TokenPocket, were involved in the investigation, helping Transit Swap recover the funds.

    “We now have a lot of valid information like IPs, email addresses and associated on-chain addresses of the hacker. We will do our best to track the hacker and try to get in touch with the hacker to help Transit Swap recover their losses.”

    Peckshield has shown the flow of stolen assets. The hacker carried out the exploit through various DEXs such as UniSwap, PancakeSwap or Tornado Cash, and MEXC.

    Fortunately, at the time of writing, Transit Swap confirmed that the hacker had returned 70% of the stolen funds. However, the platform is still actively working to recover the final 30% of the stolen funds.

    Although the crypto market is glooming due to not attracting more investment money from outside, it is still the target of hackers. Last week, well-known market maker Wintermute, also lost $160 million in a hack relating to its DeFi operation.

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