ChainSwap is a decentralised finance exchange and it is Alameda-Backed platform. This exchange got hacked today and faced roughly $8 million loss.
Hacking & cyber attacks are common things in the present time of the internet world. But attacks and hacking in the cryptocurrency field is totally disappointing because these attacks involve huge amounts of fund loss.
ChainSwap is a Cross-Chain Decentralized platform to swap coins. A type of futuristic version of Defi exchange.
On 11 July, ChainSwap exchange informed to their followers on Twitter about this attack. They informed their users, they will give a new $ASAP coin instead of a pre-hacked $ASAP coin.
According to reports, It is expected that ChainSwap faced a drain of $8 million after a critical vulnerability in its smart contract which was exploited by a hacker.
The team did appeal through their social media accounts, not to buy the $ASAP coin ( native coin of ChainSwap). They also said that they are doing an investigation to fix it properly.
Recents Updates from ChainSwap indicate that funds in the wallets are safe but withdrawal is stopped by their end to prevent any type of loss. First of all they will investigate it properly.
Here it should be noticed, ChainSwap exchange is not sure about vulnerability whether it is fixed or not by the developer end.
So they announced to give another $ASAP coin in exchange of the old $ASAP.
In this attack more than 12 tokens got affected, so they did appeal to not to buy those affected coins.
After this hack attack, few projects openly said ” they will no longer rely on chain-link cross platform”.
This attack on this exchange clearly shows how much the market price of the coins got affected badly.
Well after Safemoon, we are now in the ChainSwap Defi project which got hacked because of a vulnerability issue. This is clear indication that Defi based projects are not reliable even in present time. We have to wait for better development and revolution in Defi based Projects.