ChainSwap Exploited Second Time In 9 Days, Tokens Crash By 99%

Chainswap exploited second time in 9 days and more than 14 tokens listed on the chainSwap bridge crashed 99% but the platform insisted the individual wallets were safe so let’s read more in our latest cryptocurrency news today.

ChainSwap is a cross-chain asset bridge and application smart chain which became a victim to a new exploit. Chainswap exploited the second time in 9 days as the exploits keep on happening and causing the sector to lose hundreds of millions of dollars since the start of the year. As a hub for smart chains, the ChainSwap protocol is a bridge for projects and users to move assets between different blockchains like Ethereum, Binance Smart Chain, and Huobi’s ECO Chain. It also plans to build cross-chain solutions for BTC, Solana, and Polkadot which is the same thing it did with Polkastarter back in March.

The project received an investment worth $3 million from the leading industry investors like Alameda Research and OK Block Dream Fund or OKEX. Chainswap said that at the time it intended to use the raised funds to accelerate the vision of becoming a multi-chain and multi-asset bridge. ChainSwap suffered its second exploit which affected the tokens listed on the platform with most of them losing 99% of their value immediately after the incident. The projects that were involved in the exploit include Wilder Worlds, Option Room, Antimatter, Umbrella Network, Nord finance, Razor NEtwork, Unido, Peri, Oro, Vortex, DAFI, Rocks, and Corra. After the exploit the ChainSwap team reached out to the users noting that they are  now investigating the attack and will provide a compensation plan for the affected:

“The Chainswap team has frozen the BSC mapping token address to filter out the hackers addresses. Balances might temporarily show 0 until we are done filtering. Smart contract is affected, not the wallets that interacted with Chainswap. Funds from individual wallets are safe.”

As of the time of writing, after the official response from the company, most tokens moderated their declines. The platform is still trying to compensate the users for an earlier exploit before it was hit for a second time. The project announced that the smart contract was compromised and the hackers drained more than $800,000 worth of assets from the users’ wallets. In the report, ChainSwap noticed an anomaly on its bridge and some complained that their coins were withdrawn from the wallets that interacted with the protocol. The Defi sector became a playground for hackers since the sector expanded and almost every month, there’s at least one report about a Defi platform that lost millions in smart contract exploits.
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