The cross-chain aggregation swap platform Transit Swap has officially restarted, with the new contract audited by SlowMist and fully open source
ChainCatcher news, the cross-chain aggregation flash exchange platform Transit Swap has officially restarted. The new contract is fully open source, with a security audit completed by Slow Mist Technology, and a maximum security vulnerability bounty of 1 million USD has been launched. This maintenance upgrade includes the following aspects:Transit Swap has optimized user authorization at the contract level, eliminating the separate module for managing user authorization.Optimized Transit Swap cross-chain bridge interaction to prevent malicious transfer of funds within the cross-chain bridge. A whitelist mechanism is adopted to reduce external call permissions.A comprehensive upgrade of the Transit Swap contract, abolishing the permissions of the old version contract. The new contract is fully open source and has undergone a security audit by Slow Mist Technology.The Transit Swap web version officially supports the display of trading content such as candlestick charts and liquidity pools, optimizing the user trading experience and helping users analyze trading data more comprehensively, enriching trading information.Transit Swap has launched a vulnerability and security bounty program, offering a reward of up to 1 million USD for users or developers who discover security vulnerabilities in Transit Swap. At the same time, Transit Swap has introduced the Transit Security Fund, injecting 10% of Transit Swap's monthly revenue into the security fund to effectively prevent security incidents.According to previous reports by ChainCatcher, Transit Swap was hacked on October 2, 2022, resulting in a theft of approximately 28.9 million USD. Subsequently, Transit Swap, in collaboration with global security teams, recovered 24 million USD for users, with an actual loss of about 4.9 million USD, which has been fully compensated to users by Transit Swap. It is reported that before the hack, Transit Swap had once become one of the top four aggregation trading platforms in the world, with over 70,000 monthly active users.