Hacker returns 70% of the $23 million in funds that were stolen from Transit Swap

According to Transit Swap, the hacker has returned 70% of the money that was taken. This comes after crypto auditor SlowMist said that the cross-chain decentralized exchange or DEX aggregator Transit Swap was abused, costing $23 million in lost funds.

Transit Swap claims it is gathering information to create a refund strategy and has not yet returned users’ money.

On October 2, SlowMist reported a theft of $1.07 million BUSD on Twitter. In a later blog post, it revised the total amount of stolen money to US$23 million.

3/4 Regarding the return of user losses:
1. The project team is rushing to collect the specific data of the stolen users and formulate a specific return plan.
2. The team will continue to recover the remaining assets of hackers’ stolen assets and return them to the lost users.

— Transit Swap | Transit Buy | NFT (@TransitFinance) October 2, 2022

Transit Swap claimed it had the exploiter’s IP address and email address and was actively contacting them before the hacker issued the refund.

pic.twitter.com/KJ7u5xoxBp

— Transit Swap | Transit Buy | NFT (@TransitFinance) October 2, 2022

In addition, the Transit Swap said that they are still attempting to recoup the final 30% of the funds.

According to Chainalysis, a blockchain analytics company, as of August 2022, US$2 billion in cryptocurrency, or 69% of the total amount stolen, had been siphoned off from cross-chain bridges.

TagsCrypto