After returning $2.75 million, the Transit Swap DeFi Hacker was awarded a bounty of $690,000

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Last Updated on October 11, 2022 by Bitfinsider

As part of a deal to return user funds, it was announced today by Transit Finance that the largest hacker responsible for stealing more than $23 million from the decentralized exchange (DEX) Transit Swap will accept a bounty that is almost $690,000 in value.

According to the most recent blog post update from Transit Finance, the hacker, who goes by the name “white hat #1,” will return 10,000 Binance Coin (BNB), which is equivalent to approximately $2.75 million in two installments.

This is in addition to the funds that were returned by the same hacker around this time last week, which accounted for approximately 70% of the assets that had been stolen.

It was confirmed by Transit Finance, a cryptocurrency project of which Transit Swap is one product, that white hat #1 would keep 2,500 BNB as a “bounty” for the event. At the current price of bitcoin, this amount is equivalent to about $688,625 USD.

It was already common knowledge among the watchers that the hacker had moved the 2,500 BNB to the Tornado Cash account.

If the funds are returned in the manner that was communicated, Transit will not pursue legal action against the hacker.

However, other people who participated in the attack are not yet free from responsibility for their actions.

Late in the previous week, Transit Finance announced that it had begun the initial phase of the refund process for users’ assets.

As a result of the update that was released today, approximately 6,500 BNB of the funds that were stolen by the primary hacker are going to be returned today. After that, once Transit begins the second phase of the refund process, another 3,500 BNB will be returned to their owners.

Users whose private keys or mnemonics have been compromised as a result of the event have been notified via email by Transit.

Investors have been warned by official Transit channels that a number of con artists are attempting to take advantage of the current situation by pretending to be refund claim services.


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