Azoundria: Another 30 minutes complete. Additional sources merged in.

2023-08-20T19:40:21Z

Another 30 minutes complete. Additional sources merged in.

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/transitfinanceswapexploitthefts.php}} {{Unattributed Sources}} Transit Swap WebsiteA hacker exploited a vulnerability in cross-chain DeFi platform Transit Finance, stealing $28.9 million. The hacker transferred 2,500 BNB tokens ($686,000) to Tornado Cash, a sanctioned privacy protocol. The hacker agreed to return 10,000 BNB ($2.74 million) to victims of the exploit...."

2023-08-20T18:30:09Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/transitfinanceswapexploitthefts.php}} {{Unattributed Sources}} thumb|Transit Swap WebsiteA hacker exploited a vulnerability in cross-chain DeFi platform Transit Finance, stealing $28.9 million. The hacker transferred 2,500 BNB tokens ($686,000) to Tornado Cash, a sanctioned privacy protocol. The hacker agreed to return 10,000 BNB ($2.74 million) to victims of the exploit...."

New page

{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/transitfinanceswapexploitthefts.php}}
{{Unattributed Sources}}

[[File:Transitswap.jpg|thumb|Transit Swap Website]]A hacker exploited a vulnerability in cross-chain DeFi platform Transit Finance, stealing $28.9 million. The hacker transferred 2,500 BNB tokens ($686,000) to Tornado Cash, a sanctioned privacy protocol. The hacker agreed to return 10,000 BNB ($2.74 million) to victims of the exploit. Security firms helped trace the hacker's IP address, leading to the return of $18.9 million. Transit Swap, the DEX affected, has received 70% of stolen funds back, with white hat hackers returning $24 million. Some funds were destroyed and irrecoverable. TransitFinance has taken responsibility for users' losses and will facilitate refunds and certificates for affected users. Additional rewards are also being offered to users waiting for refunds.

This is a global/international case not involving a specific country.<ref name="coindesk-11435" /><ref name="bscscan-11436" /><ref name="transitswapmedium-11437" /><ref name="bscscan-11438" /><ref name="bscscan-11439" /><ref name="transitswapmedium-11440" /><ref name="etherscan-11441" /><ref name="transitswapmedium-11442" /><ref name="transitswapmedium-11443" /><ref name="transitswapmedium-11444" /><ref name="transitswapmedium-11445" /><ref name="transitswapmedium-11446" /><ref name="transitswapmedium-11447" /><ref name="transitswapmedium-11448" /><ref name="transitswapmedium-11449" /><ref name="transitswapmedium-11450" /><ref name="swap-11451" /><ref name="transitfinance-11452" />

== About Transit Finance ==
"On Friday last week, the hacker capitalized on an exploit on Transit Swap's swap contract, which typically facilitates the exchange of assets."

A hacker that stole $28.9 million from cross-bridge DeFi platform Transit Finance transferred 2,500 BNB tokens ($686,000) to sanctioned privacy protocol Tornado Cash. The hacker also reportedly agreed to return 10,000 BNB ($2.74 million) to victims of the exploit.

"Transit Swap said that $18.9 million has been returned after a slew of security firms helped triangulate the hacker's IP address."

"Transit Swap, a cross-chain decentralized exchange (DEX), has received 70% of stolen funds back from a hacker that exploited a smart contract vulnerability."

"Up to now, white hats have returned funds worth $24M, and funds worth $4.9M remained unrefunded (144,000 USDT worth of funds were sent into the blackhole by hacker#1 and permanently destroyed, and 1.4 million USDT worth of funds were lost when hacked#1 swap USDT to BNB and cannot be recovered forever)."

"With a responsible attitude towards users’ assets, TransitFinance Official will bear 100% of users’ losses"

"On October 14th, users can visit the refund website to claim the second batch of refunds and certificates(TS)."

"The remaining 3.94 million certificates(TS) will be exchanged monthly, and TransitFinance Official will give users an additional 3% as a waiting reward."

This is a global/international case not involving a specific country.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:
* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - Transit Finance Swap Exploit Thefts
!Date
!Event
!Description
|-
|October 1st, 2022 12:34:15 PM MDT
|First Successful Attack
|The first successful attack happens on BSC.
|-
|October 3rd, 2022 9:00:00 AM MDT
|CoinDesk Refund Article
|Article on CoinDesk about the refund.
|-
|October 10th, 2022 12:14:16 PM MDT
|Funds Returned
|The attacker returns some of the stolen funds (6500 BNB).
|-
|October 13th, 2022 1:01:01 AM MDT
|Funds Returned
|The attacker returns some of the stolen funds.
|-
|October 21st, 2022
|Transit Finance Relaunch
|The service relaunches with a blog post.
|}

== Technical Details ==
This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

== Total Amount Lost ==
The total amount lost has been estimated at $28,690,000 USD.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
https://etherscan.io/tx/0x3da1843247070fbcfcf9c8d0e02dcd660ea882640fc842625b675aabc45e6a2a is the second refund returned.

The total amount recovered has been estimated at $24,000,000 USD.

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?
== Individual Prevention Policies ==
{{Prevention:Individuals:Placeholder}}

{{Prevention:Individuals:End}}

== Platform Prevention Policies ==
{{Prevention:Platforms:Placeholder}}

{{Prevention:Platforms:End}}

== Regulatory Prevention Policies ==
{{Prevention:Regulators:Placeholder}}

{{Prevention:Regulators:End}}

== References ==
<references><ref name="coindesk-11435">[https://www.coindesk.com/business/2022/10/03/transit-swap-exploiter-returns-large-chunk-of-289m-hack/ Transit Swap Exploiter Returns Large Chunk of $28.9M Hack] (Aug 14, 2023)</ref>

<ref name="bscscan-11436">[https://bscscan.com/address/0x75f2aba6a44580d7be2c4e42885d4a1917bffd46 TransitSwap Exploiter | Address 0x75f2aba6a44580d7be2c4e42885d4a1917bffd46 | BscScan] (Aug 15, 2023)</ref>

<ref name="transitswapmedium-11437">[https://medium.com/@TransitSwap/updates-about-transitfinance-317f4fe67931 https://medium.com/@TransitSwap/updates-about-transitfinance-317f4fe67931] (Aug 15, 2023)</ref>

<ref name="bscscan-11438">[https://bscscan.com/tx/0x8a8c37179cbbd84da3dcedcb7e5936b7cf30e80cc08574c7a70dc49cc6ceea95 BNB Smart Chain Transaction Hash (Txhash) Details | BscScan] (Aug 15, 2023)</ref>

<ref name="bscscan-11439">[https://bscscan.com/tx/0x128218b39247525d20086080dc03ba681ce9754c81c1e2d86510f969ce4aad99 BNB Smart Chain Transaction Hash (Txhash) Details | BscScan] (Aug 15, 2023)</ref>

<ref name="transitswapmedium-11440">[https://medium.com/@TransitSwap/updates-about-transitfinance-4731c38d6910 https://medium.com/@TransitSwap/updates-about-transitfinance-4731c38d6910] (Aug 16, 2023)</ref>

<ref name="etherscan-11441">[https://etherscan.io/tx/0x3da1843247070fbcfcf9c8d0e02dcd660ea882640fc842625b675aabc45e6a2a Ethereum Transaction Hash (Txhash) Details | Etherscan] (Aug 16, 2023)</ref>

<ref name="transitswapmedium-11442">[https://medium.com/@TransitSwap/transit-swap-is-officially-re-launch-abe58f242d28 https://medium.com/@TransitSwap/transit-swap-is-officially-re-launch-abe58f242d28] (Aug 16, 2023)</ref>

<ref name="transitswapmedium-11443">[https://medium.com/@TransitSwap/updates-about-transitfinance-1a7c821b34f7 https://medium.com/@TransitSwap/updates-about-transitfinance-1a7c821b34f7] (Aug 16, 2023)</ref>

<ref name="transitswapmedium-11444">[https://medium.com/@TransitSwap/transit-swap-refund-update-dec-5th-2022-e57a355caabb https://medium.com/@TransitSwap/transit-swap-refund-update-dec-5th-2022-e57a355caabb] (Aug 16, 2023)</ref>

<ref name="transitswapmedium-11445">[https://medium.com/@TransitSwap/transit-swap-refund-update-nov-25th-2022-7c4a6479da8a https://medium.com/@TransitSwap/transit-swap-refund-update-nov-25th-2022-7c4a6479da8a] (Aug 16, 2023)</ref>

<ref name="transitswapmedium-11446">[https://medium.com/@TransitSwap/updates-about-transitfinance-1f955e5f2787 https://medium.com/@TransitSwap/updates-about-transitfinance-1f955e5f2787] (Aug 16, 2023)</ref>

<ref name="transitswapmedium-11447">[https://medium.com/@TransitSwap/updates-about-transitfinance-79bee950c33f https://medium.com/@TransitSwap/updates-about-transitfinance-79bee950c33f] (Aug 16, 2023)</ref>

<ref name="transitswapmedium-11448">[https://medium.com/@TransitSwap/updates-about-transitfinance-dbeb146363a0 https://medium.com/@TransitSwap/updates-about-transitfinance-dbeb146363a0] (Aug 16, 2023)</ref>

<ref name="transitswapmedium-11449">[https://medium.com/@TransitSwap/updates-about-transitfinance-13328734eeb https://medium.com/@TransitSwap/updates-about-transitfinance-13328734eeb] (Aug 16, 2023)</ref>

<ref name="transitswapmedium-11450">[https://medium.com/@TransitSwap/updates-about-transitfinance-d05176918897 https://medium.com/@TransitSwap/updates-about-transitfinance-d05176918897] (Aug 16, 2023)</ref>

<ref name="swap-11451">[https://swap.transit.finance/ Transit Swap] (Aug 16, 2023)</ref>

<ref name="transitfinance-11452">[https://www.transit.finance/en/ Transit Swap] (Aug 16, 2023)</ref></references>

Transit Finance Swap Exploit Thefts - Revision history

Azoundria: Another 30 minutes complete. Additional sources merged in.