DeFi Platform ChainSwap Suffered Two Exploits in 8 Days

by in DeFi News

ChainSwap attack

Blockchain interoperability hub ChainSwap was attacked. The exploit, which happened on July 10, caused a loss of around $8 M.

Related: Bitcoin.org hit by a DDoS attack

On July 11, the ChainSwap team informed that liquidity had been removed temporarily and warned not to acquire the in-built token ASAP, as long as the case was in the process of investigation.

About an hour later, ChainSwap tweeted that all holders and liquidity providers before the malware had been recorded. They would receive 1:1 new ASAP tokens pre-hack and liquidity will be readded.

The platform will carry out a repayment program for affected units.

In the latest tweet, ChainSwap stated they had frozen the Binance Smart Chain mapping token address, to discover the cybercriminals. The team informs that the hack impacted smart contracts, not the wallets that connected with the system. Holdings from personal wallets are safe.

The price of the token ASAp has dropped by over 15% after the exploit. It trades at around $0.19 currently.

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Earlier, on July 2, the protocol reported an attack that resulted in a loss of $800.000

ChainSwap and crypto exchange OKEx succeeded in finding the attacker’s address and bring back tokens seized by him. Later the platform announced refunds.