Important Announcement regarding the ChainSwap Exploit
TeraBlock token bridge partner ChainSwap’s smart contract was exploited earlier today. Projects that have partnered with them to bridge tokens between Ethereum and Binance Smart Chain were affected, including TeraBlock. Below is a detailed analysis of what happened and what our course of action is moving forward.
ChainSwap Exploit Details
On Saturday, July 10th, at around 8 pm GMT, attackers exploited ChainSwap’s contracts and found an exploit that affected projects using ChainSwap as a bridge between ETH and BSC.
However, we would like to re-inform our community that Hacken has thoroughly audited the TeraBlock token contracts, and the audit report can be viewed here. We want to ensure our community that the $TBC token contracts have not been affected by this hack and all token holders $TBC funds are safe.
· This was a hack on Chainswap, and we have determined that our token contracts, as well as our vesting contracts, have not been and will not be affected and continue to be secure. As a result, we do not need to issue a new contract or re-issue any $TBC tokens as users’ $TBC balances have not been affected by the hack.
· We have already been discussing the possibility of launching our native bridge internally. After this hack, we will escalate the development of our cross-chain bridge to bridge across ETH-BSC. The bridge would go through extensive testing and auditing to ensure its safety and security before we integrate it.
While we understand the risks associated with third-party integrations, we only partner with the most trusted projects in the space. Hacks are unfortunately part of the crypto ecosystem, and we condemn any such acts in the strongest terms. Still, incidents like these help the crypto ecosystem to evolve and grow stronger.
We remain committed to bringing the highest quality products and services to our community and working tirelessly to bring our products to market. Ensuring the safety and security of the products and our community is our top priority.
There are many exciting products in development, and we will be sharing a detailed product launch roadmap with our community soon in this regard. Our community can expect exciting announcements and updates rolling out in the coming months. We progress further on our path to make crypto easily accessible and an exciting journey for users.
We are fortunate to have a wonderful community, and we want to thank each of you for your continued support in our journey so far. We look forward to your love and support in months to come as we build the most exciting ecosystem in the crypto space.
The TeraBlock Team