The decentralized cross-chain exchange Transit Swap lost about $21 million as a result of a hacker attack. The attacker took advantage of an error in the smart contract of the service.
“According to the analysis of on-chain data, Transit Swap was attacked by a hacker. The technical team has urgently stopped the service and the smart contract, no operations [on the platform] can be performed,” the statement said.
Later, Transit Swap explained that the attacker took advantage of an error in the project’s code base. According to PeckShield experts, the exploit is associated with a smart contract responsible for exchange operations.
Analysts estimated the value of the stolen assets at about $21 million.
The developers noted that SlowMist and other companies specializing in the security of blockchain services were involved in the investigation of the incident.
“Now we have more verified information like the hacker’s IP address, email and affiliated addresses in the blockchain. We will try to do everything possible to track down the hacker, contact him and help everyone recover their losses,” Transit Swap said.
Recall that in September 2022, the Wintermute market maker lost $160 million in assets as a result of a hacker attack.