Cross-chain DEX aggregator Transit Swap Announces Restart, Launches Security Bounty and Security Fund

22/10/2022 08:23

Transit Swap, a cross-chain DEX aggregator, announced its official restart. After the restart, user authorization will be optimized at the contract level, and individual module management user authorization will be canceled; a whitelist mechanism will be adopted to reduce the authority of external calls; the new contract is completely open source, and the contract security audit will be performed by Fog technology complete. In addition, Transit Finance launched a security bounty, offering a reward of up to $1 million to users or developers who discover Transit Swap security vulnerabilities. Transit Finance also launched the Transit Security Fund, a security fund that injects 10% of Transit Swap’s monthly income into the security fund to prevent security incidents. In early October, Transit Swap, a cross-chain transaction aggregator under Token Pocket, was attacked. According to statistics from SlowMist, the total known stolen losses exceeded 28 million US dollars. The approximately $246,000 stolen by the fourth wave of hackers (Hacker#4) has been fully refunded. Hacker#2 and Hacker#5 have returned some of the hacked assets. After that, Token Pocket has reached a consensus with the largest hacker in the attack, the hacker will keep 2,500 BNB (approximately $686,000) as a bounty and return 10,000 BNB (approximately $2.745 million).

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Transit Swap Attackers Return About 70% of Stolen Assets
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Cross-chain DEX aggregator Transit Swap Announces Restart, Launches Security Bounty and Security Fund

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