Transit Swap DeFi Hacker Bags $690,000 Bounty After Returning $2.75M

It pays to be a white-hat hacker in crypto.

The largest hacker who stole more than $23 million from decentralized exchange (DEX) Transit Swap will take a bounty worth almost $690,000 as part of a deal to return user funds, Transit Finance said today.

Known as “white hat #1,” the hacker will return 10,000 Binance Coin (BNB), about $2.75 million in two tranches, according to the latest blog post update from Transit Finance.

This is on top of the funds returned this time last week by the same hacker, which accounted for about 70% of the stolen assets.

Transit Finance, a crypto project of which Transit Swap is one product, confirmed that white hat #1 would keep 2,500 BNB, worth about $688,625 at current prices, as a “bounty” for the event.

Observers had already noticed that the hacker had transferred the 2,500 BNB to Tornado Cash. 

If the funds are returned as promised, Transit will not hold the hacker legally responsible.

However, other individuals involved in the attack are not yet off the hook. 

Transit’s next steps

Late last week, Transit Finance said it had started the first part of the refund of users’ assets. 

Following today’s update, some 6,500 BNB of the funds stolen by the primary hacker are set to be returned today. Another 3,500 BNB will then be sent back once Transit kicks off the second phase of refunds.

Transit has been emailing users whose private keys or mnemonics have been leaked because of the event.

Official Transit channels have also warned investors that several scammers are trying to take advantage of the situation by posing as refund claim services.