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- The Transit Swap hacker has returned the majority of the funds to the company.
- Prominent security firms helped the team to trace attacker’s IP address.
- The team is trying to recover the rest of the stolen funds back.
The Work is Not Done Here
No matter how secure any ecosystem is, hackers are constantly looking for a small loophole to exploit the network. Recently, an attacker used a vulnerability to compromise Transit Swap to “Swap” 28.9 Million USD for nothing. However, he had returned almost 70% of the stolen funds according to the latest report.
A handful of security companies helped the Transit Swap team to identify the hacker IP address. The hard work eventually paid off as the team successfully recovered 18.9 Million USD from the attack and are going after the remaining amount now.
This is How Hackers Have Exploited The Space
In 2021, a hacker returned a large chunk of the stolen assets to Poly Network. The attacker entered the system to wipe 600 Million USD on 10th August, 2021. But the culprit agreed to return the money and offered a three-part Q&A to explain the reason for their act.
Malicious actors in the crypto bubble are increasing alongside development in the networks. In March 2022, the Ronin Bridge lost 625 Million USD to the hack. The crawlers got command over vital cryptographic keys to make the move. Sky Mavis compensated the users in part, and announced that they will reopen the bridge with more valiators.
Just a month before this attack, the hackers sniped Wormhole, a Solana to Ethereum bridge, to withdraw Wrapped Ethereum without any collateral. In April 2022, Beanstalk, a DeFi protocol, was hacked for 182 Million USD using a flash loan. The attacker passed a proposal to give hands to Ukraine amid the ongoing war.
We cannot get rid of the hackers at all, no one can deny this. But the companies can take precautionary measures to avoid the attacks on their systems. Bug bounties remain one of the most effective ways to deal with the bad actors. The devs need to monitor and update the networks regularly to keep the bugs at bay.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
