Nearly $321 Million Hacked From Wormhole Token Bridge. In this mishap, the token bridge experienced 120,000 wETH tokens wiped off from the platform, and the victim tokens were transferred to the hacker’s Solana and ETH crypto wallets.
On Wednesday, the wormhole token has been through a security exploit. Consequently, causes the loss of 120,000 Wrapped Ether tokens (wEther) that have worth around $321 million from the platform.
Additionally, the wormhole is a token bridge that enables users to transfer, and receive digital assets between different crypto networks, such as Etherum, Solana, Binance, Polygon, Avalanche, Oasis, and Terra without the need for centralized exchanges. Surprisingly this is the first great cryptocurrency hack of 2022 so far, as well as the second-biggest decentralized finance hack until now. However, the wormhole team has put forward a $10Million bug reward for recovering the funds.
Where Did This Unfortunate Event happen?
This biggest hack happened on Solana’s side of the bridge, and there are dangers that wormhole bridge Terra could be risky. On Wednesday, the hack occurred at 06:24 pm UTC. further, the hackers minted 120,000 wEth on Solana.
Then at 6:28 pm UTC, the hackers redeemed 93,750 wEth for ETH that valued around $254 Million onto the etherum network. As well, the hacker has utilized a few funds to purchase SportX (SX), Meta Capital (MCAP), Finally Usable Crypto Karma (FUCK), and Bored Ape Yacht Club Token (APE).
Then Hackers exchanged the leftover wETH was exchanged for Solana and USD Coin (USDC) through the Solana Platform. Now hacker’s crypto wallets currently have 432,662 SOL with a present value of $44 Million.
Wormhole Response To Its Community:
However, the Wormhole team has made sure to the community that its Ether (ETH) issuance would be fulfilled “ensure wETH is backed 1:1.” But yet there are no details available that from where those funds will arrive or when will arrive.
Moreover, no other digital assets and chain linked to Wormhole got any damaged as per updates, however, Certik a smart contract auditing company stated recently in a report that,
“It is possible that Wormhole’s bridge to the Terra blockchain shares the same vulnerability as their Solana bridge.”
Wormhole Efforts Towards The $321 Million Worth Tokens Hacked:
The Team of the wormhole reached the hackers, by using the hacker’s Etherum address. Also, the team proposed the hacker keep the stolen funds of value $10 Million if they give back the leftover funds.
“This is the Wormhole Deployer: We noticed you were able to exploit the Solana VAA verification and mint tokens. We’d like to offer you a whitehat agreement and present you a bug bounty of $10 million for exploit details, and returning the wETH you’ve minted. You can reach out to us at [email protected]”
Presently, the wETH tokens transfer across the bridge are not still redeemable, and the team is trying its best to set the exploit.
Lastly, this is the second exploit of a smart contract on a token bridge in a week. As per updates on Friday Qubit Fiannace’s Qbridge got exploited for $80 Million on BSC.
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The News Source is Cointelegraph.
Disclaimer: We are not experts or financial advisors. Kindly, take your decisions at your own risk.
