Transit Swap to fully compensate users for recent hack

Transit Finance has announced plans to fully compensate all users affected by a recent hack. The company explained that the incident stemmed from an exploited vulnerability in an early, TRON-based version of its smart contract that was deprecated after 2022, affecting a portion of its user base. Transit Finance stated it responded immediately upon discovering the issue and completed additional reviews and recovery measures yesterday, May 12. No action is required from users, and the current smart contract version remains unaffected, the company added. The announcement follows a report from blockchain security firm PeckShield, which had identified a hack of approximately $1.88 million from the protocol. PeckShield noted the stolen funds were being held as DAI in an address starting with 0x8a6.