DeFi Platform Wormhole Hit with Over $320 Million Hack

February 4, 2020

Wormhole, one of the most popular bridges that link the Ethereum and Solana blockchain, has been hacked with theft of crypto worth $320 million.

Here’s what we know:

  • Wormhole took to Twitter and announced on Wednesday that the network was exploited for 120,000 units of crypto called wETH.
  • The DeFi platform allows users to lend, borrow and save in cryptocurrencies and bypasses the traditional gatekeepers of finance like banks.
  • Wormhole claims that it has fixed the vulnerability over its Telegram channel on Thursday, letting users know that their funds are safe. The management further stated that an official statement would be issued soon.
  • Wormhole indicated that “all funds have been restored,” that its services have come back online, and that it is preparing a full incident report. Certus One, the developers of Wormhole, offered the hackers a $10 million “bug bounty” for details of their “exploit” and return of the stolen cryptocurrency.
  • Blockchain cybersecurity firm CertiK finds that the Wormhole hacker’s takings include at least $251 million worth of Ethereum, almost $47 million in Solana, plus more than $4 million in USDC, a stablecoin pegged to the price of the U.S. dollar.
  • Ronghui Gu, Co-founder of CertiK in an interview with CNBC, said that “The $320 million hack on Wormhole Bridge highlights the growing trend of attacks against blockchains protocols.”
    This hack is considered as one of the largest theft from a DeFi protocol.

 


About the author

Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.

Share
Leave a Reply

Your email address will not be published. Required fields are marked *