News15 September 2021

NowSwap loses over $1 Million in a Cyber Attack

NowSwap loses over $1 Million in a Cyber Attack

Summary:

· NowSwap loses over $1 million in tokens in its first-ever hack

· The attackers stole $535,000 USDT and 158 WETH

· The hackers used an Invalid “K” value check in NowSwap’s pair contract to hack it.

· The USDTs were swapped into ETH via 1inch.

According to PeckShield, an Analytic group, NowSwap, a DEX protocol was hacked, and the protocol lost over $1 million in tokens. The attackers siphoned $535,000 USDT and 158 WETH. USDTs w converted to ETH via the distributed network service-1inch.

The USDTs are then transferred to Tornado Cash, Ethernet Square anonymous trading platform. The hackers used an invalid “K” value check in NowSwap’s pair contract to attack it.

In a tweet, Peckshield stated: “Indeed, the current implementation only enforces 1/10 of K! The hacker grabbed 535K USDTs and 158 WETHs. The USDTs have been swapped into ETH via @1inch and then washed via @TornadoCash.

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