25 February, 2024

Transit Finance Hacker Brings Back Victims’ $2.74 Million

1 year ago

22 Nov, 2023

According to a blog post, the hacker who stole $28.9 million from the cross-bridge decentralized finance (DeFi) network Transit Finance has returned 10,000 BNB tokens ($2.74 million) to victims of the vulnerability and transferred 2,500 BNB tokens ($686,000) to the recognized privacy protocol Tornado Cash. Last but not least, the hacker gets to retain the 2,500 BNB ($689631) offered as a reward for their efforts.

Another hacker made off with $28.9 million by taking advantage of a flaw in the decentralized exchange aggregator Transit Finance on Sunday, which occurred a week ago. The burglar returned roughly $18.9 million within two days after the crime, keeping a $2 million bug reward for himself in the process.

Both attacks occurred around the same time, and as a result, the firm was forced to cease its cross-chain digital asset exchanging services and suspend the flawed contract. However, the business has not yet published a cure for the hole in its system.

A swift reaction from a number of organizations specializing in blockchain security helped to allow the restitution of around 70 percent of everything that had been taken.

In a series of tweets published on Sunday, the victim company, Transit Finance, revealed that its own internal security team, as well as blockchain security firms PeckShield, SlowMist, Bitrace, and TokenPocket, assisted in the discovery of the attacker’s IP address, email address, and associated on-chain addresses over the course of the weekend.

Elliptic, a company that specializes in blockchain analytics and crypto compliance, recently published data that shed light on the degree to which cross-chain bridges and DEXs have made it easier for hackers to commit their crimes.