AnySwap MultiChain Router V3 Prototype Faces Exploit After Initially Halted

Anyswap’s newest router was halted early this morning as a result of an exploit.

By
Greg Gotsis
on
July 11, 2021
Category:
BSC News

V3 Multi Chain Router Halted and Exploited

The first signs of failure came last night when Anyswap took to Twitter, halting the V3 Router. The tweet was posted on July 11th at 01:57 AM UTC, and the multichain router has since been halted for 14+ hours.

The team has followed up on the initial halt, tweeting that “an exploit was detected in the new Anyswap v3 prototype.” 

They continued on to mention that all V1/V2 funds are safe. For users that were affected, a post-mortem is on the way as currently the events are still under investigation. We reached out to Anyswap and they declined to comment any further, awaiting the release of the post-mortem.

What we do know is the situation has been contained. In the same Tweet, Anyswap mentioned that remedial action is in place for the exploited funds. For those who are LP’s to V3, the team has stated that there will be no losses.


What is the Anyswap Multi-Chain Router V3?

The V3 router was released in Beta on June 4th. It was deployed on the mainet of three prominent DeFi networks: Binance Smart Chain, Fantom and Polygon. 

This router boasted innovative features and further decentralization of Anyswap. The medium post outlined the release and boasted the following features:

Non-custodial + MPC

V3 offered trustless and decentralized swaps through smart contracts and Anyswaps MPC network.

Native Swap

This upgrade simplified cross-chain swaps, removing the use of wrapped tokens on native assets.

Fees and Chains

The first month of V3 was used to incentivise users through 0 fees. This incentive was extended for another month. A 0.1% deposit fee will eventually be added to V3.


Uncertainty

Little remains known about the Anyswap V3 exploit. V3 was labeled as a Beta and only contained limited funds. Nearly all Anyswap integrations are still on V2, meaning a majority of funds are safe. To ensure safety, users who have allowed permissions to the V3 router should revoke them, ensuring no Anyswap contracts can siphon their funds.

This is a developing story as we await the official release of the post-mortem.

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Greg Gotsis

Greg (GoonTrades) is BSC News' Chief Editor and is also a writer for the team. Currently enrolled as an economics major, he finds himself as a cryptocurrency researcher, writer, and technical trader.

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