QUADRIGA INITIATIVE
CRYPTO WATCHDOG & FRAUD RECOVERY PLATFORM
A COMMUNITY-BASED, NOT-FOR-PROFIT
$32 000 USD
JULY 2025
GLOBAL
SWAPP PROTOCOL
DESCRIPTION OF EVENTS
Swapp Protocol was a decentralized finance (DeFi) platform built on the Ethereum blockchain that aimed to disrupt the traditional data economy. It sought to empower users by giving them ownership and control of their personal information—unlike major tech corporations that profited from selling user data without compensation. The protocol proposed an autonomous, community-driven data monetization system in which users could choose what data to share and receive direct rewards, effectively aiming to eliminate the need for intermediary tech giants.
Swapp Protocol aimed to address a digital environment where individuals spent over seven hours online daily, generating vast amounts of behavioral data. This data was typically tracked and sold to advertisers, creating billions in revenue for corporations while offering users no financial benefit. Swapp proposed the Swapp Data App, which was intended to allow users to anonymously share selected data in exchange for SWAPP tokens, the platform’s native cryptocurrency. Users would also have had the option to retain control over specific data points they wished to keep private.
To further enhance privacy and control, Swapp introduced concepts like Swapp ID and Swapp Wallets. Swapp ID was envisioned as a decentralized digital identity and cross-chain wallet to enable anonymous participation across GameFi and DeFi platforms. Swapp Wallets were designed to be unified and recoverable storage solutions for users' digital assets. The project was founded in 2021 by Tural Bayev, with Dmitriy Azarenko serving as co-founder and head of production. The total supply of SWAPP tokens was capped at 776 million. Although the protocol generated interest with its user-first data economy model, it ultimately did not achieve long-term sustainability and is no longer active.
TenArmor described the victim of this transaction as an "old staking contract".
The particular contract was created in Jun 2021, and resides at address 0x245a551ee0f55005e510b239c917fa34b41b3461.
The Swapp Protocol smart contract contained a vulnerability which would later allow for the draining of funds that remained in the contract.
Very limited technical details have been provided by TenArmor.
Contract Address: 0x245a551ee0f55005e510b239c917fa34b41b3461
Malicious Transaction: 0x2768e9872a62fef8d726e06de9841cd742a294cb45919d061e5e26e81cdb41b1
The loss total was reported by TenArmor as $32k.
The incident was reported by TenArmor.
It appears that the project has long since shut down, and funds are permanently lost.
The project has been inactive since September 2022. There is no evidence to support any funds having been recovered.
There does not appear to be any investigation ongoing.
Swapp Protocol was a decentralized finance (DeFi) platform launched in 2021 on the Ethereum blockchain, aiming to give users control over their personal data and allow them to monetize it through its native SWAPP token. Despite innovative features like Swapp ID and Swapp Wallets to enhance privacy and user autonomy, the project struggled to gain long-term traction and became inactive by September 2022. In a post-shutdown incident, a vulnerability in an old staking contract (created in June 2021) allowed a malicious actor to drain approximately $32,000, as reported by TenArmor. The funds have not been recovered, no investigation appears to be ongoing, and the protocol remains defunct.
TenArmor - "An old staking contract was attacked, resulting in a loss of $32k." - Twitter/X (Jul 25)
The Ethereum Attack Transaction - Etherscan (Jul 25)
Old Staking Contract (Victim Contract) - Etherscan (Jul 25)
Original Creation Of Staking Contract - Etherscan (Jul 25)
Swapp Protocol - Coinbase (Jul 25)
Swapp Protocol Twitter/X (Jul 25)
Swapp.ee - Internet Archive (Jul 25)
Swapp Protocol - CoinMarketCap (Jul 25)
https://app.blocksec.com/explorer/tx/eth/0xa02b159fb438c8f0fb2a8d90bc70d8b2273d06b55920b26f637cab072b7a0e3e (Jul 25)
Telegram-чат "Swapp Protocol's Official Group" — @SwappToken (Jul 25)
Telegram: View @SwappToken (Jul 25)
@DefiLlamaBOT Twitter (Jul 25)
@mistressphilo Twitter (Jul 25)
SwappFi - "Hi Friends! We are rebranding and renaming our user data monetization tool and would love help from our community. Vote for your favorite that sounds fun, memorable, and related!!!" - Twitter/X (Jul 25)
Telegram: View @SwappTokenNews (Jul 25)
Swapp | The Ultimate DeFi Protocol (Jul 25)
