Cross-chain DEX (decentralized exchange) aggregator Transit Swap was exploited, resulting in US$23 million lost funds, crypto auditor SlowMist said on Sunday. The hacker has returned 70% of the stolen funds, Transit Swap said on the same day.

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Fast facts

  • Transit Swap has not returned the funds to users, saying it is collecting data to develop a refund plan.
  • At 4:25 p.m. Sunday Hong Kong time, SlowMist said on Twitter that US$1.07 million BUSD had been stolen. Later, it updated the amount of total stolen funds to US$23 million in a blog post.
  • Before the hacker made the refund, Transit Swap said it had obtained the exploiter’s IP and email address and was actively reaching out.
  • Transit Swap says they are still trying to recover the remaining 30% of the funds.
  • In August, blockchain analytics firm Chainalysis estimated that US$2 billion worth of cryptocurrency has been drained as of August from cross-chain bridges in 2022, which accounted for 69% of total stolen funds.

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