Cross-chain decentralized finance platform ChainSwap (ASAP) has been drained of roughly $8 million after a critical vulnerability in its smart contract was exploited by a hacker.
In its announcement, the project is urging users not to buy its native token while the incident was being investigated.
It claims that the funds from individual wallets are safe, but send and withdrawal functions are yet to be resumed.
More than 10 tokens have been impacted by the exploit.
ChainSwap hacker have hacked 2,314,640 $ROOM worth $550,000 from the cross-chain contract including multiple other tokens.
The OptionRoom team has decided to take a quick decision and pull all liquidity.
— OptionRoom (@option_room) July 10, 2021
Umbrella Network (UMB) has announced that it’s buying back $230,000 worth of its native tokens, and it’s up to the community to decide how they will be spent.
The project also says that it will no longer rely on ChainSwap for token bridging.
The hack caused some turbulent price action. Wilder World (WILD), one of the affected tokens, collapsed 99.8 percent before recovering, according to CoinGecko data.
In April, ChainSwap raised $3 million from Alameda Research, NGC Ventures, OKEx’s Block Dream Fund, and other investors.
It allows swapping a slew of obscure DeFi tokens listed on its platform between Ethereum, Binance Smart Chain (BSC), and Huobi Eco Chain (Heco).