Transit Swap Hack

TOTAL LOST $21.0M
High Transfer Logic Exploit bsc ethereum

Summarize with AI

ChatGPT Perplexity Claude Grok
Affected Chain bsc 2 chains affected
Recovered - No recovery reported
All-Time Rank #220 By amount stolen
Year 2022 Incident year

Incident Overview

TrustSwap (SWAP) is a cryptocurrency launched in 2020and operates on the Ethereum platform. TrustSwap has a current supply of 99,995,164.26708125 with 99,995,164 in circulation. The last known price of TrustSwap is 0.03786856 USD and is down -1.90 over the last 24 hours.

It is currently trading on 89 active market(s) with $376,197.66 traded over the last 24 hours. More information can be found at https://trustswap.com/.

Incident Report

Protocol / Project Transit Swap
Date of Incident
Affected Chain(s) bsc ethereum
Attack Technique Transfer Logic Exploit
Classification Protocol Logic
Primary Source View Post-Mortem

Protocol Information

Smart Contract Language Solidity
Official Website trustswap.com/
Protocol Twitter/X @TrustSwap

Market Context at Time of Hack

Token Categories
DeFi Ethereum Ecosystem Launchpad Avalanche Ecosystem Polygon Ecosystem BNB Chain Ecosystem
Protocol Links
Discord Reddit

What the Attacker Needed to Succeed

Understanding the prerequisites for this type of attack helps auditors identify protocols that are most at risk and helps developers build better defenses.

Technical Knowledge Deep understanding of transfer logic exploit and Solidity and EVM internals
Capital Required Seed capital to cover gas and initial position setup
On-Chain Access Ability to interact with bsc, ethereum smart contracts and deploy a custom exploit contract
Protocol Analysis Identification of the exploitable vulnerability in Transit Swap's contract logic - root cause: protocol logic
Execution Speed Precise transaction ordering and timing to exploit the vulnerability within a single atomic block
Obfuscation Plan A strategy to launder and move stolen funds - typically through mixers, cross-chain bridges, or decentralized DEX swaps to resist tracing

What Auditors Should Check

Could this have been caught in audit? Likely — with a thorough Transfer Logic Exploit audit checklist and test coverage

If you're auditing a protocol with similar architecture to Transit Swap, these are the critical security checks that could have prevented this incident (October 2022).

  • Verify all logic paths related to Transfer Logic Exploit are guarded by proper access controls and input validation
  • Review privileged functions (owner, admin, governance) for potential abuse vectors - centralization risks should be documented and bounded with timelocks or multi-sigs

Master these auditing techniques with hands-on labs and real exploit scenarios in the Smart Contract Hacking course.

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Proof-of-Concept Exploits

1 PoC available
poc-exploits - transit swap
$ Transit Swap Incorrect owner address validation

On-Chain Evidence & References

Sources & References

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