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ChainSwap Promised to Compensate $8M Lost to an Exploit

Cross-chain asset bridge ChainSwap, recently suffered from a second attack due to a vulnerability exploit in its protocol, has prepared a compensation plan for users to cover $8 million latest loss. Among assets suffered from the attack were tokens of Nord, Razor, Antimatter, Wilder World, and Ora.

In a blog update, the developer’s team assured users that the ChainSwap bridge is currently halted, noting that a deep audit will soon be conducted.

ChainSwap reported they spent 717,200 ASAP (around $150,000) to compensate affected partner projects, in addition to stablecoin compensation from the team fund. The developers also were able to withdraw the funds from Uniswap to provide liquidity and to burn all hacked ASAP from the hacker’s wallet.

As DeFiTeller reported, on July 10 an unknown hacker was able to steal more than 20 different assets from the liquidity pools of partner exchanges.

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ChainSwap Exploit Resulted in Millions Lost

ChainSwap, a cross-chain bridge that enables users to trade crypto assets of different chains, revealed a critical vulnerability in its protocol due to a recent attack. The attack happened on July 10 and affected 14 projects that had used ChainSwap to launch Ethereum tokens on Binance Smart Chain.

As the research of Wilder World developers shows the attacker took over BSC-contracts through a loophole in ChainSwap protocol and minted tokens directly to their address, to sell them later on PancakeSwap. WILD devs prompted users to refrain from trading on Binance Chain and PancakeSwap.

The list of affected tokens includes Wilder Worlds (token symbol: WILD), Antimatter (MATTER), Option Room (ROOM), Umbrella Network (UMB), Blank, Nord Finance (NORD), Razor Network (RAZOR), Peri, Unido (UDO), Oro, Vortex (VTX), Corra (CORA), ROCKS, Dafi, and Unifarm (UFARM). ChainSwap announced to its users it has frozen its bridge between Ethereum and Binance Smart Chain, and promised that all ASAP holders will be compensated. Last week ChainSwap suffered another attack which caused it to lose $800,000