Transit Swap Losts $21m on Code Bug Exploit, Hacker Returns 70% of Stolen Funds

Transit Swap, a multi-chain decentralized exchange (DEX) aggregator platform, announced via Twitter social media that it has lost $21 million after a hacker exploited an internal bug on its swap contract.

Following the incident, Transit Swap issued an apology statement to the users, saying that efforts are underway to recover the stolen funds. “After a self-review by the TransitFinance team, it was confirmed that the incident was caused by a hacker attack due to a bug in the code. We are deeply sorry,” the DeFi platform stated.

The DEX aggregator said it is working with cybersecurity specialists such as SlowMist, PeckShield, Bitrace, and TokenPocket security and technical teams to track down the hacker and recover the funds.

Transit Swap said a bug in the code allowed a hacker to run away with an estimated $21 million. PeckShield, a blockchain security company, gave a further explanation that the attack might have occurred due to a compatibility issue or misplaced trust in the swap contract.

Transit Swap further disclosed that while they have been able to get the hacker’s IP, email address, and associated on-chain addresses, they have encouraged the hacker to get in touch to return the funds. “We now have a lot of valid information such as the hacker’s IP, email address, and associated on-chain addresses. We will try our best to track the hacker and try to communicate with the hacker and help everyone recover their losses.”

Latest developments showed that their efforts have become successful as the hacker returned 70% of stolen funds. Transit Swap gave an update, confirming that the hacker has returned 70% of the funds via two addresses. And said the security experts are still working to recover the remaining funds.

Meanwhile, users have asked Transit Swap to cover the remainder of the stolen funds if the hacker fails to return the rest. They reasoned that the exploit was due to the DEX’s fault and otherwise would not have occurred.

According to Chainalysis, the total revenue for crypto crime in the first half of this year stood at $1.6 billion, less than the figure recorded in the first half of 2021. The drop in crypto crime figures has coincided with a fall in crypto values. However, some forms of crypto-crime have risen in the last year, such as the value of hacked crypto assets has increased from $1.2 billion to $1.9 billion.

The rise in fraud and scams correlates to massive activity growth within cryptocurrencies worldwide. Companies such as PayPal, Meta Inc. (formerly Facebook), Mastercard, and many more have shown an increased interest in cryptocurrencies.

Image source: Shutterstock

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Libra Co-Creator’s VC Firm Co-Leads $12M Round in ‘Decentralized GitHub’

In retrospect, it was inevitable: A team of blockchain developers has forked GitHub and come up with a system for collaborating on open source software. There’s even a decentralized finance (DeFi) twist.

Announced Thursday, Radicle, a fully decentralized code repository, has raised $12 million in funding, integrated its peer-to-peer network with Ethereum and launched the RAD governance token. 

The funding round was led by NFX and Galaxy, with participation from Placeholder, Electric Capital and ParaFi Capital; Naval Ravikant, Balaji Srinivasan and Meltem Demirors were also involved. Notably, it’s the first crypto investment from NFX since Libra co-creator Morgan Beller left Facebook and joined the VC firm in September 2020.

The growing army of “Web 3.0” builders are mismatched with centralized platforms like Microsoft-owned GitHub, said Eleftherios Diakomichalis, co-founder at Monadic, which is building Radicle. The needs of these communities are better served by decentralized autonomous organizations (DAOs) controlling their code repositories, rather than hierarchical platforms with one admin in control, he said.

“We think about Radicle as infrastructure for decentralized communities,” Diakomichalis said in an interview. “When it comes to value, these communities are very used to interacting with value flows; think about things like DeFi protocols on Ethereum. So we are bringing these two worlds closer together – the code collaboration world with the world of DAOs – and this new financial infrastructure is being built on Ethereum.”

NFX’s Beller said the existing situation – Web 3 developers building under the possibility of Web 2 censorship – “makes very little sense.”

“It’s impossible to decentralize code ownership, which is kind of ironic when you compare this to Web 3 development,” Beller told CoinDesk in an interview. “Imagine the U.S. government, or any government, wants a repo to be taken down? It can go to Microsoft and say, ‘Take it down.’”

There’s a pattern among community-owned networks like Uniswap and Compound, Diakomichalis pointed out. All of them have some kind of treasury, some with as much as 50% of the network translating into billions of dollars.

“All these networks are looking to incentivize developer activity around their code bases, such as with Uniswap’s grants program,” said Diakomichalis. “We see Radicle as a way users can start off with our decentralized protocol for controlling repos and then explore other funding-related protocols.”

Radicle is creating a function called “Token Streams” that allows any user to create curated registries of resources (Vitalik Buterin’s list of the best Eth 2.0 researchers, for example) and then start streaming funds to those resources. There will also be smart contracts to pay for particular coding targets and milestones, with lots of flexibility, checks and balances and so on, Diakomichalis said.

“It’s interesting that GitHub understands the power of this and wants to play there, but they have this kind of old-school, Web 2.0 angle, like now they keep 10% of every transaction that passes through GitHub Sponsors,” said Diakomichalis. “Of course, they are also the trusted gatekeeper. We are already worried about censorship, but imagine that your income could also be blocked.”

Disclosure

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@Ki0mbo Or maybe he took holiday off, dont think anyone knows either way, but wiki etc says he published the bitcoin paper 31 Oct 2018 and released the software 9th jan 2009. People claim one of Satoshi’s bitcointalk or other posts say it took him about 18mo starting in 2007 to code.

@Ki0mbo Or maybe he took holiday off, dont think anyone knows either way, but wiki etc says he published the bitcoin paper 31 Oct 2018 and released the software 9th jan 2009. People claim one of Satoshi’s bitcointalk or other posts say it took him about 18mo starting in 2007 to code.

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@Ki0mbo Or maybe he took holiday off, dont think anyone knows either way, but wiki etc says he published the bitcoin paper 31 Oct 2018 and released the software 9th jan 2009. People claim one of Satoshi’s bitcointalk or other posts say it took him about 18mo starting in 2007 to code.

@Ki0mbo Or maybe he took holiday off, dont think anyone knows either way, but wiki etc says he published the bitcoin paper 31 Oct 2018 and released the software 9th jan 2009. People claim one of Satoshi’s bitcointalk or other posts say it took him about 18mo starting in 2007 to code.

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@plan_marcus @parman_the @pierre_rochard @flacqua @tomkeene Yeah, man, thank you. I’m all in favour of learning. Would it be more accurate to say that only the bitcoin community could decide to change the code?

@plan_marcus @parman_the @pierre_rochard @flacqua @tomkeene Yeah, man, thank you. I’m all in favour of learning.
Would it be more accurate to say that only the bitcoin community could decide to change the code?

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Legal scholars are writing words they hope will screw Bitcoiners. I’m sitting here writing code to empower people to wield Fuck You Money. I have surveyed the battlefield and I like the odds.

Legal scholars are writing words they hope will screw Bitcoiners.

I’m sitting here writing code to empower people to wield Fuck You Money.

I have surveyed the battlefield and I like the odds.

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“Replacing banking with code.” More on @CrescoFinSA: -Insured by @LloydsofLondon -Regulated by 🇨🇭 -Partnership with Chainlink ⛓️ Here’s a half-hour on the how and why of @CrescoFinSA (timestamps on subject matter in the description):

“Replacing banking with code.”

More on @CrescoFinSA:

-Insured by @LloydsofLondon
-Regulated by 🇨🇭
-Partnership with Chainlink ⛓️

Here’s a half-hour on the how and why of @CrescoFinSA (timestamps on subject matter in the description):

https://t.co/aw4sWL8gVJ

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