Transit Swap hacker mulls return of more funds

A hacker in the Transit Swap recent hack will consider returning more funds after Transit Swap completes the first phase of user returns, according to a message transmitted on blockchain from one of the hacker’s addresses on Thursday.

See related article: Hacker returned 70% of stolen US$23M in funds: Transit Swap

Fast facts

• Decentralized cross-chain exchange Transit Swap was hacked on Sunday and reported that some US$28.9 million worth of tokens were stolen. The hackers returned 65% of the stolen token value on Monday, amounting to about US$18.9 million.

• Transit Swap announced on Wednesday that it will return all stolen tokens to customers in two phases. The first phase will return the assets that the hackers have returned. Transit Swap plans to return the remaining hacked amount in the second phase but has not firmed up plans for this.

• Transit Swap has said that it could “seek the intervention of law enforcement agencies” to recover all funds.

• On Monday, another hacker said it hoped to retain 30% of the hacked amount but Transit Swap has counter-offered with 5%. The hacker said that if Transit Swap guarantees a 100% return of users’ funds, it is willing to lower its request from 30% to 10% and is encouraging “others like me do the same.”

• Transit Swap has identified eight perpetrators of the hack.

See related article: Why blockchain bridges have become DeFi’s Achilles heel

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