Transit DeFi Platform Received $19 Million Of The $30 Million Stolen

Transit Swap remains one of the biggest decentralized platforms online, but it has a long way to go in terms of its security. If having to manage the current drop in cryptocurrencies wasn’t bad enough, they also have to contend with one of the biggest hacks of this quarter.

The DeFi platform saw one of the biggest hacks of this quarter, with hackers managing to get away with stealing over $30 million. In a matter of minutes, the firm saw its market cap plummeting and soon made the announcement on social media that they were hacked.

Following the announcement, the team quickly worked on retrieving the stolen money. And when they eventually made contact, the hackers did eventually return $19 million of the total amount stolen. While they still have a lot left to return, the DeFi exchange is optimistic about them returning it.

The public statements that followed

When news broke out about the hack, word started to spread very fast, with most of the community finding out almost immediately. Therefore, in order to better manage its reputation, Transit Swap sent out spokespersons to various media outlets.

Along with the statement on their social media, a spokesperson also talked to various publications about the hack. They talked about how they were hoping that the hackers would eventually return all of the money that they have stolen. The spokesperson also made it clear that they do not want to escalate things further.

Trying to retrieve the money

Transit Swap is certainly not the only company that has had to deal with hacks, therefore it can contact various companies to work with it when trying to recover money. Security companies in the crypto market have gotten significantly better at finding hackers.

With the sheer number of hacks that have occurred over the past decade throughout the market, they managed to learn the best ways to find the perpetrators.

However, they have also gotten much better at negotiating with hackers when they find them, which has allowed them to effectively retrieve a lot of the money that many hackers have stolen.

Hackers returning money is not uncommon

While it may sound like a stretch to assume that hackers would willingly return the money that they stole, it has happened multiple times. Various high-profile hacks have ended with the hackers returning the money.

Once the hackers are found, they understand the severity of what they have done, and will instead enter a deal where they decide to return the money for a significantly reduced sentence. All in all, the hackers are more than likely to return the rest of the money, unless the money has been split amongst different perpetrators.