BlockNews
FOLLOW ON X
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
Home BUSINESS

Main hacker in Transit Swap exploit agrees to return remaining funds

BlockNews Team by BlockNews Team
October 10, 2022
in BUSINESS, CRYPTO, MEDIA
Reading Time: 3 mins read
1
SHARES
12
VIEWS
Share on XShare in TelegramShare on Reddit

Transit Swap, a multichain decentralized exchange aggregator, lost roughly $23 million after a hacker exploited an internal bug on a swap contract. The cross-chain DEX yesterday revealed that the hacker took advantage of a bug in its code. Following the revelation, Transit Swap issued an apology to users with efforts to track down and recover the stolen funds currently underway.

The Transit Swap Exploit Agreement

On Oct. 10, the decentralized finance (DeFi) protocol Transit Swap announced that it had agreed with its most prominent hacker to return funds. Approximately one week prior, a hacker exploited an internal bug on a swap contract within the protocol and caused other individuals to imitate the security breach, leading to a loss of over $23 million in user funds. 

“We are deeply sorry,” stated Transit Swap while revealing that a bug in the code allowed a hacker to make away with an estimated $23 million. Blockchain security firm PeckShield narrowed down the attack to a compatibility issue or misplaced trust in the swap contract. Many security companies helped search for the missing funds and track down the hacker.

“We now have much valid information, such as the hacker’s IP, email address, and associated on-chain addresses. We will try our best to track the hacker, communicate with the hacker, and help everyone recover their losses.”

However, the prominent hacker has since returned approximately 70% of exploited funds thanks to the help of security companies such as Peckshield, SlowMist, Bitrace, and TokenPocket. They quickly tracked down the hacker by identifying their IP address, email address, and associated-on chain addresses.

As per Oct. 10’s agreement, the hacker will return the remaining 10,000 BNB tokens, worth roughly $2.74 million, from the exploit in exchange for relief of all legal liabilities arising from the attack from Transit Swap’s side. In addition, the hacker will keep 2,500 BNB ($685,600) for his “white hat” efforts in uncovering the security vulnerability.

“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” – Transit Swap.

The Transit Swap team has also set a deadline of Oct. 12 for two hacker imitators and one hacker arbitrageur to return the stolen funds. Afterward, developers threatened that “judicial actions” would be taken if funds were not returned.

Conclusion

At the beginning of the year, DeFi exploits were essentially a low-risk, high-reward endeavor thanks to user anonymity. Recently, the rise of blockchain analytic firms and forensic DeFi firms, coupled with a U.S. ban on crypto-mixer tools such as Tornado Cash, has made it harder for hackers to launder stolen funds. Instead, some have opted to return the funds and keep a portion of the exploited proceeds as a “bounty” for uncovering security vulnerabilities. DeFi exploits have been slowed down, and we hope to, one day, never have exploits on any DeFi platform.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: cryptoHackhackingTransit Swap
TweetShareShare
BlockNews Team

BlockNews Team

DON'T MISS THESE! HOT OFF THE PRESS

Cardano Rally Incoming? On-Chain Growth and Trader Positions Hint at a Breakout
CARDANO

Cardano Rally Incoming? On-Chain Growth and Trader Positions Hint at a Breakout

September 6, 2025
From $160 to $215: Solana’s Record Growth Puts Ethereum in the Rearview
CRYPTO

From $160 to $215: Solana’s Record Growth Puts Ethereum in the Rearview

September 6, 2025
XRP Futures Smash Records on CME: Is This the Spark Before a Major Rally?
CRYPTO

XRP Futures Smash Records on CME: Is This the Spark Before a Major Rally?

September 6, 2025
XRP’s Double Bottom Pattern Hints at a $10 Breakout — Is This the Setup Everyone’s Been Waiting For?
CRYPTO

XRP’s Double Bottom Pattern Hints at a $10 Breakout — Is This the Setup Everyone’s Been Waiting For?

September 6, 2025
Ethereum Ready to Explode? Here’s Why ETH Could Be the Next Big Breakout!
BITCOIN

Ethereum Ready to Explode? Here’s Why ETH Could Be the Next Big Breakout!

September 6, 2025
Bitcoin vs. Gold: Schiff Says BTC is Weak—Will Bulls Prove Him Wrong?
BITCOIN

Bitcoin vs. Gold: Schiff Says BTC is Weak—Will Bulls Prove Him Wrong?

September 6, 2025
Load More

Related News

Cardano Rally Incoming? On-Chain Growth and Trader Positions Hint at a Breakout

Cardano Rally Incoming? On-Chain Growth and Trader Positions Hint at a Breakout

September 6, 2025
From $160 to $215: Solana’s Record Growth Puts Ethereum in the Rearview

From $160 to $215: Solana’s Record Growth Puts Ethereum in the Rearview

September 6, 2025
XRP Futures Smash Records on CME: Is This the Spark Before a Major Rally?

XRP Futures Smash Records on CME: Is This the Spark Before a Major Rally?

September 6, 2025
XRP’s Double Bottom Pattern Hints at a $10 Breakout — Is This the Setup Everyone’s Been Waiting For?

XRP’s Double Bottom Pattern Hints at a $10 Breakout — Is This the Setup Everyone’s Been Waiting For?

September 6, 2025
Ethereum Ready to Explode? Here’s Why ETH Could Be the Next Big Breakout!

Ethereum Ready to Explode? Here’s Why ETH Could Be the Next Big Breakout!

September 6, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews is your premier source for real-time cryptocurrency, blockchain, political and financial market news.

Stay ahead of the herd with BlockNews

RESOURCES

  • About Us
  • Contact Us
  • Editorial Policies
  • Terms and Conditions
  • Privacy Policy
  • Sitemap

DISCLOSURES AND POLICIES

BlockNews provides independent reporting on crypto, blockchain, and digital finance. Content is for informational purposes only and does not constitute financial advice. Sponsored material is always disclosed. By using this site, you agree to our Terms and Conditions and Privacy Policy.

© 2025 BlockNews

No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • LITECOIN
    • CHAINLINK
    • SUI
  • MEMECOINS
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2025 BlockNews