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Transit Swap Exploiter Returns Large Chunk of $28.9M Hack
Security firms help locate the hacker's IP address following the $28.9 million exploit.
Transit Swap, a cross-chain decentralized exchange (DEX), has received 70% of stolen funds back from a hacker that exploited a smart contract vulnerability.
In a blog post published on Monday, Transit Swap said that $18.9 million has been returned after a slew of security firms helped triangulate the hacker's IP address.
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On Friday last week, the hacker capitalized on an exploit on Transit Swap's swap contract, which typically facilitates the exchange of assets.
The Transit Swap hack is the most recent in a long line of decentralized finance-related exploits this year. In September, prominent crypto market maker Wintermute had $160 million siphoned out of its DeFi business, while Curve Finance lost $570,000 in a hack in August.
"At present, the security companies and project teams of all parties are still continuing to track the hacking incident and communicate with the hacker through email and on-chain methods," Transit Swap wrote on Twitter. "The team will continue to work hard to recover more assets."
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
