Decentralized exchange Transit Swap has lost around $21 million as a result of a hacker attack that has exploited a bug in the service’s smart contract.
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According to the statement:
“According to the analysis of data on chain, TransitSwap has been attacked by hackers. The technical team has urgently suspended the service, and the contract has been completely suspended, no operations can be performed.”
The project team has recently reported the hacker has returned 70% of the stolen funds.
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Transit Swap has later explained the attacker has exploited a bug in the project’s code base. According to PeckShield experts, the exploit is associated with a smart contract responsible for swap operations.
Analysts believe the value of the stolen assets amounts up to $21 million.