ChainSwap faces another Exploit of $8M

ChainSwap faces another Exploit of $8M. ChainSwap is a decentralized cross-chain platform that has suffered the second exploit in the span of 8 days.

The most recent attack took place on the 10 of July, which resulted in a loss of $8 Million, according to the reports

The representatives advised the users to not purchase any of the native tokens, while they investigate the attack. An hour later, they advised that they have snap-shotted all holders and LPs before the hack.

They also stated about the compensation plan for the impacted tokens, which were totaled to be more than 10 projects. The UMB tokens stolen totaled to be more than 3 million. The hackers also targeted projects such as Antimatter, Dafi, Blank, Razor, and Oro.

Projects that got harmed:

  • Wilder Worlds $WILD
  • Antimatter $MATTER
  • Optionroom $ROOM
  • Umbrella Blank $UMB
  • Nord $NORD
  • Razor $RAZOR
  • Peri $PERI
  • Unido $VTX
  • Oro $ORO
  • Vortex $VTX
  • Blank $BLANK
  • Unifarm $UFARM and more

The Hack also impacted the user-governed forecast protocol Option Room. According to a tweet issued on the 10 of July, the hackers stole $550,000 worth of their native token ROOM.

The team also revealed that they had frozen the Binance Smart Chain(BSC), in order to filter out the hackers addresses.

Since the hack the price of the token has fallen considerably. On July 10 the token suffered a sharp downtrend from the $0.28 mark to $0.22 in the span of 5 minutes.

It failed to regain its position and further fell to the position of $0.18.

The First Attack

the first attack took place on July 2, the platform reported the exploit tht cost more than $800,000 in damage.

According to their compensation plan, the ChainSwap team with the assistance of the police and OKEx, managed to find the attackers email address and entered negotiations with them.

the negotiations resulted in the return of Corra and RAI tokens.

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