Topic: Swap on transit.finance is a scam? (Read 103 times)

It looks like it did. The scammer somehow intercepted his request to join the service's official tech support channel and pretended to be a transit.finance tech support representative.


As it turned out, the exchange did happen and after some time he received USDC, despite the failure in MetaMask. However, the sum amounted to 288 USDC. I think that $12 is the commission for the swap.

So I think we can conclude from all of this that transit.finance is not at fault in this particular case.

So it was indeed phishing...

The next question is, what happened to the 300 USDC? I was thinking about this last night but decided to just rule out/affirm the phishing idea first.

He, the acquaintance could try to contact the actual support and ask more about this, perhaps it went through but transit.finance had a glitch or some sort.

Otherwise, it could be because a phishing site/wallet or some sort of malware - how the transaction was initiated does seem odd.

That's why he asked me to publish the story instead of writing it himself. Because he's ashamed to write it himself.


I asked him more about the incident. And some other circumstances came to light, from which I concluded that it was his own fault that he had lost his money.

After his money hung up he found contact info on the service's homepage and went to Telegram. As soon as he joined the official tech support channel, the account shown in the pictures instantly appeared and offered him to solve the problem. I think it was a scammers account and not a real tech support account. Because the official tech support account has a warning in its description.

What a shame, up to an extent your acquaintance knew the dangers of sharing the seed but sadly fell victim to scammer's tricks.


This bit got me curious. So the supposed support PM'd first? typically, this is a sign of a phishing attempt since most services' admins make it a rule to not PM first on telegram to prevent scams.

If this was on the official server, there should be an admin or a custom title on the side of their chats which I don't see from this screenshot.

Also saw an article about transit.finance getting their hacked money back through the help of some blockchain security firms like peckshield so at the very least, it does not seem like a straight up scam like those cookie cutter exchanges that comes and goes in a blink of an eye.

See: https://cointelegraph.com/news/main-hacker-in-transit-swap-exploit-agrees-to-return-remaining-funds

So perhaps this bit was a phishing attempt?

Today my acquaintance told me a cautionary tale about how he encountered a scam in the face of swap.transit.finance service (all the information I needed he provided me with).

He decided to do a swap on this service and move USDC from the BSC network to the Plygon network. Everything looked as usual, he made the approve and was about to confirm the swap. As usual Metamask window popped up to confirm the swap and that's when the most interesting thing started. Metamask wrote that it could not calculate the commission for this transfer and offered a commission of $105(!). And this is for the exchange of $300 USDC BSC to USDC on Polygon. Naturally, he thought it was a huge amount and canceled the confirmation. But he could not try again, as the service had already withdrawn $300 from his wallet, and he had no more.

That's when he decided to contact the service's support team on Telegram. He went to the channel, subscribed and wanted to write about his problem. But then another account appeared (the official chat, as it says) and he was offered to communicate here.



Translation of what's written


And so the communication begins

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And after that, he makes a big mistake.

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Just like that, having lost all his money, he discovered another scam on the vastness of the internet.