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ChainSwap

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[AI-DRAFTED · AWAITING VERIFICATION][src:defillama]

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anchored·BhrN1M…GUTt

Summary

ChainSwap was a cross-chain token bridge protocol connecting Ethereum, Binance Smart Chain, and Huobi Eco Chain, which raised $3 million in April 2021 from investors including Alameda Research and NGC Ventures. The platform suffered two separate smart contract exploits in July 2021 — the first on July 2 draining approximately $800,000, and the second on July 10-11 draining approximately $4.4 million (with some sources citing up to $8 million across affected partner token markets) — collectively devastating more than 20 partner projects. Following the exploits, ChainSwap offered partial compensation via token airdrops; the project's native CHAINS/ASAP token collapsed over 96% from its all-time high and the protocol has since become largely inactive under its original identity, with the @ChainSwapERC Twitter handle rebranding to ChainHub in early 2026.

Connected Entities

1 entities
Protocols
⌂ChainSwap
Relationships
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    Timeline(9 events)

    21 March 2021

    ChainSwap launches a Polkastarter bridge, signaling early multi-chain ambitions

    7 April 2021

    ChainSwap closes a $3 million strategic funding round led by NGC Ventures, with Alameda Research, OKEx Block Dream Fund, CMS Holdings, and others participating

    23 April 2021

    ASAP/CHAINS token reaches all-time high of approximately $3.62

    2 July 2021

    First exploit: smart contract vulnerability drained approximately $800,000. Bridge frozen within 30 minutes; ChainSwap pledges 1:1 ASAP airdrop to affected holders

    10 July 2021

    CHAINS token falls to all-time low of approximately $0.002 as second exploit begins; attacker address 0xEda5066780dE29D00dfb54581A707ef6F52D8113 begins draining 20+ tokens on Ethereum and BSC

    11 July 2021

    Second exploit confirmed: approximately $4.4 million drained directly, with broader market impact cited as high as $8 million. 16+ partner project tokens crash 85-99%. ChainSwap freezes bridge and mapping tokens

    14 July 2021

    ChainSwap announces expanded compensation plan: 1:1 ASAP airdrop, ~717,200 ASAP (~$150,000) liquidated from treasury for partner projects, and stablecoins from team fund. Commits to deep audit before reopening

    November 2022

    Alameda Research (ChainSwap investor) collapses amid the FTX fraud scandal, further tarnishing the credibility of entities in its investment portfolio

    2026

    The @ChainSwapERC Twitter account announces rebranding to ChainHub, pivoting to a Telegram trading bot platform for Solana and EVM networks

    Provenance & Audit Trail
    Anchored on SolanaVerify on-chain11 Wayback Archivessrc:defillama

    Decision Log

    This investigation is cryptographically anchored to the Solana blockchain (1 event). 11 of 18 cited source URLs have an Internet Archive snapshot.

    full audit log →version history →

    model: claude-sonnet-4-6

    generated: 5/4/2026, 2:54:53 AM

    last updated: 8/30/2026, 9:45:04 AM

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