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ChainSwap announces compensation and ‘deep audit’ plan after $8M exploit


Cross-chain asset bridge, ChainSwap, has announced a compensation plan for users after suffering an $8 million loss in its second exploit suffered this month. 

ChainSwap supports the Ethereum, Polygon and Binance Smart Chain networks.

On July 10, the hacker exploited a vulnerability allowing them to steal more than 20 different assets from the liquidity pools of partner exchanges. The incident has impacted the markets for numerous assets, with the tokens of Nord, Razor, Antimatter, and Ora among those taken by the attacker.

ChainSwap’s native token ASAP briefly fell more than 99% amid the incident. A separate hack on July 2 saw an attacker make off with roughly $800,000.

On July 14, ChainSwap expanded upon its plan to compensate impacted users through an airdrop based on their ASAP holdings prior to the hack, noting tokens held on the BSC and Huobi Eco Chain networks will be airdropped to the Ethereum mainnet.

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ChainSwap stated that 717,200 ASAP (worth roughly $150,000) were liquidated from its treasury and allocated to compensate affected partner projects, in addition to stablecoins from its “team fund.”

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