ChainSwap attack led to 90 percent drop in some altcoins

ChainSwap suffered a second attack after the attack on July 2. It is estimated that the attack caused a loss of $ 8 million. Some altcoins have seen drops of up to 90 percent due to the ChainSwap attack.

A vulnerability in the decentralized exchange ChainSwap resulted in millions of dollars in losses.

According to an analysis, an attacker who saw the critical vulnerability in the ChainSwap protocol and took advantage of it printed 20 million WILD tokens and sent them directly to his own address. In the first printing process on July 10, 10:17 CET, 500 thousand WILDs were produced, followed by 40 consecutive transactions.

Some altcoins dropped 66 to 90 percent after ChainSwap attack

Several tokens were also affected by the attack as a result of sales on the open market. Apart from Wilder World, significant decreases were seen in the prices of Antimatter, Optionroom, Umbrella Network, Nord, Razor, Peri, Unido, Pro, Vortex, Blank, Unifarm and a few other tokens. These tokens lost value in the range of 25 to 90 percent, but the prices of some later recovered.

It is stated that the attack resulted in the loss of an estimated $ 8 million tokens. One of the hacker’s wallets currently has around $4.5 million in tokens.

After the hack, ChainSwap stopped the Ethereum-Binance Smart Chain bridge and announced that it will send new tokens to investors ASAP.

ChainSwap; A cross-chain bridge that serves as hub for multiple chains, supporting Ethereal, Binance Smart Chain, Huobi Eco Chain and Polygon. The project received $3 million in investment in April from companies such as Alameda Research, CMS Holdings and Rarestone Capital. ChainSwap was the victim of another attack that resulted in losses of approximately $800,000 on July 2.

SEE ALSO; Upbit Decided to Delist 24 Altcoins
Performance of Altcoins Is at Peak

Share this article

Leave a Reply

Your email address will not be published. Required fields are marked *