ChainSwap announce 717,220 $ASAP and Stablecoins Compensation after $8M exploit

ChainSwap has announced reimbursement plans for victims of the recent exploits suffered by the Cross-chain assets bridge.

Hackers capitalized on a weakness in ChainSwap’s system allowing them to extort over 20 different assets worth $8 million from the liquidity pool, causing its native token $ASAP to fall more than 99%.

Another attack earlier this month on July 2 drained around $800,000 from the Cross-chain asset bridge.

ChainSwap confirmed today that victims of the exploits would be compensated with $ASAP tokens and stablecoins from the team fund.

“We spent 717,220 $ASAP tokens to compensate affected projects, in addition to stablecoin compensation from the team fund. A statement on ChainSwap’s Medium account read.

“The compensated tokens will be distributed to affected projects on a daily basis, starting on the issuance date of the new token.” 

ChainSwap claims that compensation in $ASAP tokens will be minimal in order to “protect the value for original token holders.”

The Chainswap bridge has been paused to allow “a deep audit”, extra security measures will also be employed for future releases.

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