ChainSwap (ASAP), a cross-chain decentralized finance platform, has been hacked due to a vulnerability in its smart contract. The project lost about $8 million.
While the project noted in its announcement that its investigations into the incident are continuing, it warned that the local token should not be purchased.
The project also stated that funds in personal wallets are safe, but the sending and withdrawal functions have not yet been reactivated. More than 10 tokens were affected by the attack.
UniFarm (UFARM), Optionroom (ROOM), OroPocket (ORO) and other projects have decided to temporarily withdraw all liquidity from Uniswap and Pancakeswap.
Umbrella Network (UMB) has announced that it will buy back its $230,000 worth of native tokens and it is up to the community to decide how they are spent. The project also said that it will no longer rely on ChainSwap for token bridging.
The attack caused some turbulent price action. Wilder World (WILD), one of the affected altcoins, collapsed 99.8% 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.