DEX Transit Swap Hacked, Hacker Successfully Bulk Funds Rp350 Billion

Hackers managed to steal hundreds of billions of dollars from the decentralized crypto exchange platform Transit Swap. (Photo; Doc. Cryptoist)

JAKARTA Hacking the crypto exchange platform has resurfaced. This time a hacker managed to break into the decentralized exchange (DEX) Transit Swap. From the theft, hackers managed to steal money of 350 billion after exploiting internal bugs in smart contracts Swap on October 1 yesterday.

Luckily, the Transit Finance team immediately moved to respond to the theft activity. Transit Finance immediately contacted security companies Lokshield, SnowMist, Token Pocket, and Bitrace. The names of the security companies managed to find out the hacker's IP, email, along with the related network addresses.

It appears that this effort has paid off, as less than 24 hours after the hack, Transit Finance stated that "with joint efforts from all parties," the hackers had returned 70 percent of the stolen assets to two addresses, the funds returned by the hackers equivalent to about 16.2 million US dollars (approximately IDR 247 billion).

The stolen money was returned by hackers in the form of cryptocurrencies, following 3,180 Ether (ETH) at a price of 4.2 million US dollars, 1,500 Binance-Peg ETH at a price of 2 million US dollars and 50,000 BNB at a price of 14.2 million, according to data from BscScan and EtherScan.

We are here to inform you of the latest news about the Transit Finance Hacking Event. With joint efforts from all parties, hackers have returned about 70% of stolen assets to the following two addresses, wrote Transit Swap, October 2, 2022.

In a recent report, Transit Finance stated that "the project team as quickly as possible collects specific data from stolen users and formulates a dedicated refund plan" but remains focused on taking 30 percent of the remaining funds stolen and the hackers have not returned.

Currently, security companies and project teams from all sides are still tracking hacking incidents and communicating with hackers via email and on-chain methods. The team will continue to work hard to recover more assets," he said.

Cybersecurity firm SnowMist in an incident analysis noted that hackers used vulnerabilities in the smart contract Transit Swap code, which comes directly from the Fom From () transfer function, which basically allows users' tokens to be transferred directly to the exploit address:

"The root cause of this attack is that the Transit Swap protocol does not strictly check the data that users forward to during the token swap, leading to arbitrary external call issues. The attacker exploits this arbitrary external call issue to steal tokens approved by the user for Transit Swap, according to a statement from cybersecurity, ScreenMist, as reported by Cointelegraph.