In the latest development on December 20, as reported by Beosin Alert, multi-chain aggregator altcoin platform Transit Finance fell victim to a hacker attack. The breach, which was attributed to the failure to perform effective login verification on the trading pool, resulted in a significant loss for the platform of approximately $110,000.
Security vulnerabilities are increasing in Bitcoin and altcoin space
The security breach occurred when the hacker successfully exploited a vulnerability related to login validation in Transit Finance’s transaction pool. Beosin Alert monitoring identified the root cause as a lack of effective login authentication protocols, allowing the attacker to manipulate the system. Specifically, the hacker gained control of the actual inflow amount (actualAmountIn) on the initial exchange by creating the trading pool and the WBNB/BUSD trading path. This manipulative tactic allowed the attacker to compromise the SwapRouter. It caused the WBNB/BUSD pool to incorrectly recognize the actual entry amount as the starting value for swapping.
The consequences of the hacker attack were far-reaching and resulted in a significant financial loss for Transit Finance of approximately $110,000. The platform is currently working diligently to assess the extent of damage and implement the necessary measures to recover from the incident. Transit Finance assured its users that it was actively cooperating with cybersecurity experts to thoroughly investigate the breach. In addition, the platform is also improving its security infrastructure to prevent similar incidents in the future.
Crypto hacks are on the rise
This unfortunate incident at Transit Finance adds to the growing list of security breaches in the cryptocurrency space. Over the past year, many leading platforms have faced similar challenges, underscoring the persistent threats facing the industry. Crypto exchanges and decentralized finance (DeFi) protocols have been prime targets for hackers who exploit vulnerabilities to siphon funds. These incidents underscore the need for continued vigilance, proactive security measures, and collaborative efforts within the crypto community to mitigate the risks associated with crypto assets.
As the cryptocurrency space continues to evolve, security remains a top concern for both platforms and users. The incident in Transit Finance may not be taken seriously because it has low losses and is a little-known project. However, this hack still underlines the importance of robust security measures in protecting crypto assets. The industry’s collective efforts to address vulnerabilities and improve security protocols are crucial to increasing trust and confidence among cryptocurrency enthusiasts.
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