The renowned cross-chain bridge for assets, ChainSwap, was attacked on July 10, 2021, at 08:00 PM UTC. The ChainSwap platform facilitates the seamless bridging of projects between Blockchain networks, and many of these projects, including the Razor Network, have been attacked by hackers.
The hacker exploited the smart contracts of ChainSwap and made away with the token assets of several projects, including the Razor Network. ChainSwap suffered a huge loss of 2.8M $RAZOR tokens when the hacker attacked the vault of ChainSwap at Ethereum. The attacker at ChainSwap not only stole the tokens but was also able to sell the stolen token assets triggering a total loss of around 121,187 DAI for ChainSwap.
The team at ChainSwap investigated and concluded that the trading in tokens on the Blockchain of Ethereum is completely safe. As a precautionary step, ChainSwap has frozen the tokens of $RAZOR on the Binance Smart Chain. At present, the tokens of $RAZOR at Binance Smart Chain cannot be swapped at PancakeSwap or sent to different wallets. Currently, Razor Network has collaborated with ChainSwap to recover the tokens of $RAZOR from the Binance Smart Chain. It is important to be noted that the exploitation is an isolated incident, and therefore there has been no effect on the $RAZOR tokens at the mainnet of Razor Network.
A recent update revealed that ChainSwap had frozen the mapping of token address on the Binance Smart Chain to detect the hacker’s address. It has been disclosed by the platform that only the Smart contracts of ChainSwap were exploited during the attack. The funds in the wallets of the registered users are safe and sound. The hacking incident also affected Option Room, the forecast protocol of ChainSwap governed by the users.
The ChainSwap team, in collaboration with Razor Network, is working on a plan of post-mortem and compensation for the registered users. The team has succeeded in tracking down the hacker’s email address with the help of OKEx and the police. Through deep negotiations, the team at ChainSwap has recovered the Rai and Corra tokens from the hacker. ChainSwap also repurchased the exploited tokens from the market and issued refunds accordingly. Since the hacking incident, the price of the ASAP token has decreased considerably.