ChainSwap Loses $ 8 Million For Second Abuse

ChainSwap survived another success in what turned out to be a terrible month for change. The platform, which acts as a bridge for assets, succumbed to abuse earlier this month and now, just eight days later, ChainSwap has succumbed to another abuse. This time, the attacker earned $ 8 million before being shut down.

The attack was carried out using the ASAP token, which allowed a wide variety of tokens and projects to be used in the process. The ChainSwap team took to Twitter to warn its users not to buy their own ASAP token from the platform while the team conducted the hacking investigation.

Reading / Accounting Fraud On The Subject: Scammers Hack Account Book Devices To Steal Cryptography

The abuse caused some coins, such as WILD, to lose almost all of their value before quickly restoring the backup. WILD’s price fell 99.8 percent after the attack, but the price has since recovered.

The attack followed the first abuse at Chainswap eight days ago, which saw the attacker dealing with $ 800,000 as a result of the hack. The Chainswap team submitted a report following the death of the attack, but so far this has not been followed up on the attack.

What Is Chain Wap?
ChainSwap is a cross-chain bridge that acts as an intermediary for multiple chains. The bridge supports the Ethereum network, MATIC and Binance smart chain. The exchange between chains allows users to trade tokens without the need for an intermediary or third party, such as exchanges Dec.

ChainSwap allows owners to trade money from different blockchains without having to go through an exchange like Binance. For example, the owner can exchange coins in the ethereum blockchain for coins in the Binance smart chain without having to deposit their coins in the exchange. This means traders can trade various coins at the same time, regardless of which blockchain their coins or tokens are based on.

Defi’s total market capitalization exceeds $ 60 billion

Join the Discussion

  • BrokerEUR/USD
    Core Spreads 0.6pips (variable) margin: 3.33%
    City Index 0.5pips (fixed) margin: 3.33%
  • Back to top