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 entitiesTimeline(9 events)
2021-03-21
ChainSwap launches a Polkastarter bridge, signaling early multi-chain ambitions
2021-04-07
ChainSwap closes a $3 million strategic funding round led by NGC Ventures, with Alameda Research, OKEx Block Dream Fund, CMS Holdings, and others participating
2021-04-23
ASAP/CHAINS token reaches all-time high of approximately $3.62
2021-07-02
First exploit: smart contract vulnerability drained approximately $800,000. Bridge frozen within 30 minutes; ChainSwap pledges 1:1 ASAP airdrop to affected holders
2021-07-10
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
2021-07-11
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
2021-07-14
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
2022-11-01
Alameda Research (ChainSwap investor) collapses amid the FTX fraud scandal, further tarnishing the credibility of entities in its investment portfolio
2026-01-01
The @ChainSwapERC Twitter account announces rebranding to ChainHub, pivoting to a Telegram trading bot platform for Solana and EVM networks
Decision Log
- hash: 7uFubgK9M8zCdbj3AAWvtqRhMTijLhKrHHsd34E9bVjY
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:53 AM
last updated: 5/28/2026, 5:44:21 PM
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