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Exploit at Transit Swap: Hacker agrees with Protkoll to return the money

 


On Oct. 10, decentralized finance (DeFi) protocol Transit Swap announced that it had reached an agreement with the biggest hacker to return the stolen funds. About a week ago, a hacker exploited a flaw in a swap contract on the protocol and tricked other people into exploiting this vulnerability as well. Over $23 million was stolen in the process . 


However, the original hacker has since returned around 70 percent of the stolen funds thanks to the help of security companies including Peckshield, SlowMist, Bitrace and TokenPocket. They were able to quickly locate the hacker by finding out their IP address, email address, and associated on-chain addresses

will return approximately $2.74 million worth of tokens in exchange for Transit Swap not taking legal action related to the attack. Also, the hacker will get 2,500 BNB ($685,600) for discovering the vulnerability.


Updates about TransitFinance

A consensus has been reached between the biggest hacker and TransitFinance Official, the hacker will keep 2,500 BNB as a bonus and refund the users’ remaining 10,000 BNB.https://t.co/DOwRw7doYy


— Transit Swap | Transit Buy | NFT (@TransitFinance) October 10, 2022

The Transit-Swap team has also given other hackers an October 12 deadline by which to return the stolen funds. After that, the developers would initiate "judicial steps".


At the beginning of the year, DeFi exploits were largely risk-free due to user anonymity and have yielded large profits. Recently, the emergence of blockchain analysis firms and DeFi forensic firms, as well as the US ban on crypto mixers like Tornado Cash , have made it harder for hackers to launder stolen funds. Instead, many hackers return the money and receive part of the money as a "bounty" for discovering security vulnerabilities. 

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