Crypto Hacker Returns Rp214 Billion Stolen Results

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Transit Swap, an aggregator of multichain decentralized exchanges, lost US$21 million (Rp214 billion) after crypto hackers exploited a bug in the swap trading contract.

Following the hack, Transit Swap apologized to users. Efforts to recover the stolen funds from the hackers are underway.

"We sincerely apologize," Transit Swap wrote.

Crypto Hackers Attack Transir Swap

The aggregator revealed that a bug in the code of their application was used by hackers to get away with funds worth US $ 21 million.

Blockchain security firm PeckShield said the hack occurred due to compatibility issues or a mistrust of swap contracts.

Other investigators, including SlowMist, Bitrace and TokenProject, joined PeckShield to hunt down the hacker's whereabouts.

“We already have valid information regarding the hacker, namely IP addresses, email addresses and on-chain addresses. We will try to track down the hacker and communicate with him and recover customer funds,” explained Transit Swap, quoted from Cointelegraph.

Ongoing investigations have revealed that the hackers made withdrawals from known crypto exchanges.

Transit Swap promises to provide more details with the crypto community and asks users to understand the conditions and trust the aggregator team.

Transit Swap later reported that the hacker had returned 70 percent of the stolen funds. Thanks to the combined efforts of all parties involved, the hacker returned the hacked funds to two crypto wallet addresses belonging to Transit Swap.

The $21 million Transit Swap hack is the highest since crypto market maker Wintermute was hacked for $160 million on September 20, 2022.

While crypto business security is constantly being updated, hackers are keeping pace by implementing new methods to deceive investors.

Not long ago, a hacker used an Ether (ETH) arbitrage trading bot and used a vulnerable code loophole to steal 1,101 ETH worth US$1.41 million.

Chainalysis, a crypto analysis company, said crypto hacking is increasing and surpassing the number of cases that occurred last year.

According to Chainalysis, $1.9 billion worth of crypto assets were stolen as of July 2022, compared to $1.2 billion in July 2021.

“As long as crypto assets stored in DeFi protocols and other services have value, crypto hackers will try to find loopholes,” concluded Chainalysis.

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