Transit Swap loses over $21M due to internal bug hack | The Financial Express

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

Peckshield joined the hunt for the hacker alongside other investigators such as SlowMist, Bitrace, and TokenPocket.

Transit Swap loses over $21M due to internal bug hack
A hacker recently employed an Ethereum (ETH) arbitrage trading bot to attack a "poor code" vulnerability and drain 1,101 ETH

Transit Swap, a multi-chain decentralised exchange (DEX) aggregator, lost approximately $21 million as a result of a hacker exploiting an internal fault in a swap contract, as reported by Cointelegraph.

Following the finding, Transit Swap apologised to users and is working to locate and retrieve the stolen monies.

“We are profoundly sorry,” Transit Swap said, adding that a fault in the programming allowed a hacker to steal an estimated $21 million. Peckshield, a blockchain investigator, reduced the attack down to a compatibility flaw or misplaced faith in the swap contract.

According to Cointelegraph, Peckshield, along with other investigators like as SlowMist, Bitrace, and TokenPocket, joined the hunt for the hacker. According to Transit Swap,” We now have a lot of valid information such as the hacker’s IP, email address, and associated on-chain addresses. We will try our best to track the hacker and try to communicate with the hacker and help everyone recover their losses.”

Cointelegraph further noted that Peckshield joined the hunt for the hacker alongside other investigators such as SlowMist, Bitrace, and TokenPocket. 

A hacker recently employed an Ethereum (ETH) arbitrage trading bot to attack a “poor code” vulnerability and drain 1,101 ETH, which was worth approximately $1.41 million at the time of writing.

(With insights from Cointelegraph)

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