ChainSwap announces compensation plan after the last attack

On Saturday (July 10th) a hacker attacked the DeFi ChainSwap (ASAP) platform and exploited a critical vulnerability in their smart contract.

About nine days after its last exploit, which resulted in losses of around $ 800,000, the project was emptied with a significantly larger amount as more than 10 tokens were affected, such as: Bitcoin magazine reported.

Compensation plan

The research team announced to plan detailed check up and compensation after the previous incident, but has not yet released full tracking information about the attack this weekend.

Although the team has announced that funds from individual wallets are safe, the deposit and withdrawal functions have not yet been resumed.

“The Chainswap team has frozen token addresses on BSC to filter out hacker addresses” and adds that “the balance may temporarily show 0 until the filtering is complete.”

According to the announcement, the smart contract is affected, not the wallets that interact with ChainSwap.

While the matter is under investigation, ChainSwap is advising users not to buy their currently traded native tokens.

Team has to explain that all holders and liquidity providers (LPs) were recorded before the hack and that they “deposit new tokens in a 1: 1 ratio as soon as possible before the hack”, including holders of cryptocurrencies.

“A compensation plan is being implemented for the tokens affected.”

Hackers stole tokens from more than 10 projects, ChainSwap replied with notification and investor compensation plans.

“All owners and LPs were taken in a snapshot before being hacked. We’re going to ditch the new MATTER in a 1: 1 ratio before it’s hacked, including MATTER holders on exchanges. Please do not buy a MATTER that is currently on the market. “

Hackers quickly sold some of the tokens available in the log through decentralized exchanges, reduced their value, and did not fully recover. Some of the swaps made during the attack could be tracked via Etherscan.

Mr. Teacher

According to Cryptoslate

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