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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

ChainSwap Loses $8 Million In Second Exploit

Best Owie
Best Owie
3 years ago
3 mins read
Three diagonal digital chains on a blue background

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ChainSwap has experienced another exploit in what has turned out to be a terrifying month for the exchange. The platform which acts as a bridge for assets had succumbed to an exploit earlier this month, and now, only eight days later, ChainSwap has succumbed to another exploit. This time, the attacker made away with $8 million before it was shut down.

The attack was carried out using the token ASAP, affecting a wide variety of tokens and projects in the process. The ChainSwap team had taken to Twitter to warn their users to not purchase the platform’s native ASAP token for the time being while the team carried out their investigation into the hack.

Related Reading | Ledger Scam: Scammers Mail Hacked Ledger Devices To Steal Crypto

The exploit led to some coins like WILD losing almost all of their value, before promptly recovering back up. The price of WILD had fallen 99.8 percent following the attack but the price has since recovered.

This attack comes on the heels of the first exploit on ChainSwap eight days earlier which had seen the attacker make away with $800,000 in the hack. The ChainSwap team had given a post-mortem report on the attack but there is yet to be a follow-up on that attack.

What Is ChainSwap?

ChainSwap is a cross-chain bridge that acts as an intermediary for multiple chains. The bridge supports the Ethereum network, MATIC, and the Binance Smart Chain. A cross-chain swap enables the trading of tokens by users without the need for an intermediary or a third party like exchanges.

ChainSwap enables holders to trade coins from different blockchains without having to go through an exchange like Binance. For example, a holder can trade their coins that are on the Ethereum blockchain for coins that are on the Binance Smart Chain without ever needing to deposit their coins in an exchange. This means that traders can trade a variety of coins in one go no matter what blockchain their coins or tokens are based on.

Total DeFi market cap from TradingView.com

Total DeFi market cap above $60 billion | Source: Crypto Total DeFi Market Cap on TradingView.com

This also means that coins that are not listed on any exchanges can be traded on ChainSwap. Smaller projects which are just starting out are traded by holders for other coins on cross-chain bridges all the time and it has become a very popular way of trading coins in the market.

Given this, there are a lot of small projects and tokens on ChainSwap, and those projects have been affected following the second hack.

Token Projects Suffer In Second Hack

Several projects took to their official accounts to announce how the ChainSwap hack had affected their tokens and their projects. The hack which affected a lot of projects included Wilder World, Nord, Razor, Antimatter, and a host of other coins which had seen their projects take hits from the exploit.

Projects like ROOM announced that they had seen a $550,000 loss from the attack and had to make a quick decision to pull all liquidity.

Related Reading | How Hackers Looted 2600 ETH In Rari Capital Cross-Chain Exploit

The Umbrella Network (UMB) also announced that they planned to buy back $230,000 worth of UMB tokens and would leave it up to the community to decide what would be done with the tokens. Umbrella Network also said that it would be pulling from ChainSwap and will no longer rely on the decentralized finance platform for token bridging.

The ChainSwap team announced after the hack that they had frozen the Binance Smart Chain mapping token address in order to identify the addresses of the attackers. ChainSwap has assured its users that their tokens are safe, although send and withdrawal functions have been suspended for the time being.

The price of ASAP saw a sharp decrease in its price following the hack. But the price has since recovered. Although the ETH-BSC bridge remains paused at the moment.

Featured image from Epiq, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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