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- The loot in the transit Swap ecosystem occurred on the 2nd of October.
- The company traced the IP address and valid email id of the hackers after a few hours.
A Twitter post from Transit Swap’s official account creates an environment of turmoil among investors. The notification was regarding a hack in the Transit Swap Ecosystem of around $ 23 million U.S dollars.
The company informed about the hack in the ecosystem early morning on 2nd October Sunday, and the firm mentioned that after a self-review by the TransitFinance team, it was confirmed that a hacker attack caused the incident due to a bug in the code. And later, the company expressed its gratitude and noted, “We are deeply sorry.”
However, on the same day, the company could trace the hacker with the help of SlowMist, Bitrace, Peck Shield Security, TransitFinance, and Token PocketSecurity.
In an official statement, the company mentioned that after hard work of a few hours, they collected relevant information like IP addresses, email addresses, and associated on-chain addresses.
Hacker Repaid 70% of Robbed Funds
On 2nd October, at around 12:15 PM, the company once again posted on Twitter informing users that the hackers had repaid 70% of stolen funds. They claimed that the hackers sent the amount to two different addresses.
In the same post the company also noted that the recovery process is still in progress and is trying to retrieve the remaining amount from the hackers.
SlowMist also posted their opinions on the Twitter account and highlighted that an arbitrage bot drives the hackers forwards as they transferred BUSD assets from users on the BSC chain and made 1.07 million BUSD in Profit.
Many Users suggested and asked transit swap that if hackers fail to return the remaining 30%, the company should cover the remaining funds. The users noted that the company is liable for paying the remaining funds because the hack occurred because of a code glitch from the company’s side.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
