100 Interactions, 2 today
The project will distribute governance tokens to holders according on their balances prior to the breach.
ChainSwap, a cross-chain asset bridge, has launched a compensation scheme for consumers after incurring a $8 million loss in its second exploit this month.
The Ethereum, Polygon, and Binance Smart Chain networks are all supported by ChainSwap.
On July 10, the hacker exploited a weakness, allowing them to steal more than 20 distinct assets from partner exchange liquidity pools. The event has had an impact on the markets for a variety of assets, with the attacker stealing tokens from Nord, Razor, Antimatter, and Ora.
During the event, ChainSwap’s native token ASAP dropped by more than 99 percent. On July 2, an attacker stole around $800,000 in a different breach.
On July 14, ChainSwap expanded upon its plan to compensate impacted users through an airdrop based on their ASAP holdings prior to the hack, noting tokens held on the BSC and Huobi Eco Chain networks will be airdropped to the Ethereum mainnet.
ChainSwap said that 717,200 ASAP (about $150,000) were liquidated from its treasury and distributed to reimburse impacted partner projects, along with stablecoins from its “team fund.”
The project also stated that after suspending its bridge, it was able to remove liquidity providers’ money from Uniswap and compel the burning of any compromised ASAP from the hacker’s wallet. ChainSwap is in discussions with several auditing companies to perform a “deep audit.”
Additional code testing, bug bounty programmes, and third-party auditing methods will be incorporated in the team’s future product releases.
Wilder World, an NFT project, was severely impacted by the event, with the attacker acquiring the power to issue 20 million of its native WILD tokens to their address. The tokens were subsequently liquidated in a single transaction for $207,000 in Wrapped Binance Coin, wiping down more than 99 percent of the token’s value.
🚨ChainSwap Hack 🚨
— n3o (@real_n3o) July 11, 2021
The attacker also stole roughly two million WILD from the ChainSwap bridge contract, which were sold for approximately $327,000 over nine transactions.
ChainSwap concluded a $3 million investment round in April, including participation from some of the industry’s most prominent venture companies, including Alameda Research, NGC Ventures, and CMS Holdings.