Bitcoin Platform Transit Swap lost tens of millions of dollars due to an error in their code. Peckshield, SlowMist, Bittrace and TokenPocket are after the hacker…
Bitcoin platform lost more than $21M due to internal bug hack
Multi-chain DEX platform Transit Swap lost $21 million in a hack. A hacker stole millions using an internal bug in the swap contract. Following the announcement, Transit Swap apologized to users as it continued to track and recover the stolen funds.
Transit Swap said it was “very sorry” that a bug in the code resulted in a $21 million hack. Blockchain researcher Peckshield has narrowed the attack to a compatibility issue or misplaced trust in the swap agreement.
— Transit Swap | Transit Buy | NFT (@TransitFinance) October 2, 2022
Secure companies are chasing pirates
Peckshield is looking for the hacker along with other researchers, including SlowMist, Bittrace, and TokenPocket. Transit Swap said
We now have a lot of valid information such as the hacker’s IP, email address and linked addresses. We will try our best to track the hacker and contact the hacker and help everyone recover their lost.
The flowchart below shows the flow of stolen assets shared by Peckshield.
The ongoing investigation hinted that the hacker may have made previous withdrawals from known exchanges. Transit Swap said, “We appreciate your understanding and trust,” vowing to share more details with the community when the time comes. Transit Swap currently does not reveal any further details about the hack.
Responding to updated security measures implemented by crypto businesses, hackers continue to develop their methods to deceive investors.
#MEV A very profitable MEV bot, internally named as 0xbad, was somehow tricked/hacked with 1,101 ETH loss (~$1.45M) in the following tx: https://t.co/FxXSY8AyhX
— PeckShield Inc. (@peckshield) September 27, 2022
Recently, a hacker used an Ethereum arbitrage bot to exploit a “bad code” vulnerability to drain 1,101 ETH, which is approximately $1.41 million at the time of writing.
MEV bot made $1 million but lost everything to a hacker
Robert Miller from Flashbots shared how the MEV bot was able to earn 800 Ethereum (ETH) through arbitrage transactions. The bot takes advantage of a huge arbitrage opportunity that arises when someone tries to sell $1.8 million in cUSDC via Uniswap v2 and receives only $500 worth of assets in return. According to Miller, the bot recognizes this chance. He takes action immediately and makes huge profits.
However, just an hour later, a hacker exploited a vulnerability in the “bad code” of 0xbadc0de. He tricked him into allowing a transaction that had drained his balance, which is currently about $1.41 million.
