Wormhole Hack: Wormhole, a blockchain platform, was breached and over $320 million was taken. In exchange for information on the exploit and the recovery of the Stolen bitcoin, developers behind the famous blockchain bridge are offering the hacker a $10 million “big bounty.”
It was announced on Wednesday by the developers of Wormhole’s famous blockchain bridge that more than $324 million in cryptocurrencies had been stolen. The platform connects many decentralized-finance blockchain networks, allowing for the movement of cryptocurrencies. Wed. afternoon, Wormhole announced through a series of tweets that 120,000 wETH, or wrapped Ethereum, valued at roughly $296,000,000 had been taken by burglars. In addition, the platform’s network was taken down for repair. One of our most popular Sony noise-canceling headphones is now on sale for a savings of over $100. For a limited time only, Amazon is offering nearly half of the Sony WH-XB910N noise-canceling headphones.
“This is the second-largest theft from a Defi provider ever,” blockchain analysis firm Elliptic stated in a statement. Blockchain technology can be used to eliminate the need for a third-party intermediary in the financial industry. It looks like the attacker was able to mint 120,000 ETH on the Solana blockchain and transfer 93,750 ETH to the Ethereum blockchain, Elliptic wrote in an official blog post. According to a message posted by Elliptic’s Tom Robinson, Certus One, the makers of Wormhole, promised a $10 million “bug bounty” for the exploit details and return of the bitcoin. After the vulnerability was patched at 5 p.m. PT, Wormhole announced that it was working to restore its network.
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The latest crypto breach appears to have stolen more than $320 million. At least $320 million was wiped out Wednesday afternoon after one of the most popular links between the Ethereum and Solana blockchains went down. Second-biggest Defi hack, after the $600 million Poly Network crypto theft, and the largest Solana attack to date, which is becoming increasingly popular in the NFT and Defi ecosystems. Smart contracts—programmable pieces of code known as “smart contracts” can be used to replace middlemen like banks and lawyers in some sorts of business transactions. Ethereum is the most widely utilized blockchain network. Solana, a more recent competitor, is gaining traction due to its lower cost and faster transaction times compared to Ethereum
A wormhole is a mechanism that allows users to transfer tokens and NFTs between Solana and the Ethereum virtual currency network. According to Wormhole’s Twitter account, the network is currently “offline for maintenance” as the company investigates a “possible exploit.” The official website of the protocol is now unavailable. There are at least $251 million worth of Ethereum, nearly $47 million worth of Solana, and more than $4 million worth of USDC, the stablecoin whose value is based on the price of the U.S. dollar.
According to a tweet from Wormhole earlier in the day, the network had been “down for maintenance” because of an “exploitable vulnerability.” However, the samczsun security researcher’s claim that an exploit had been discovered looked to be true at that point. It appears to be from Wormhole that a message has been posted on the Ethereum blockchain, which states: “Solana VAA verification might be abused to issue tokens, as you demonstrated. In exchange for your cooperation, we’d like to present you with a big reward of $10 million and return all of the wealth you’ve mined.” Transactions are approved using a procedure known as “validator action approval,” abbreviated VAA.
Solana’s Ethereum Bridge Wormhole was hacked, and $320 million
An attack on Wormhole’s protocol, which lets users move their tokens and NFTs between Solana and Ethereum, has resulted in the theft of approximately $320 million in Wrapped Ethereum, according to the company. After announcing that it was trying to restore the network, it tweeted, “ETH will be added in coming hours to ensure wETH is backed 1:1.”
In an apparent hack on Wednesday afternoon, Wormhole, one of the main bridges connecting the Ethereum and Solana blockchains, lost over $320 million, according to CNBC, which analysts term one of the largest hacks ever in the Defi industry. Second, only to the $600 million Poly Network crypto robbery, this is the largest Solana attack yet perpetrated by Defi. In a CNBC report, Ethereum is the most popular blockchain network and a key participant in the Defi sector, where programmable pieces of code known as smart contracts can replace middlemen like banks and attorneys in certain sorts of commercial transactions. Compared to Ethereum, Solana is becoming more popular since it is less expensive and more efficient in its use.
Cryptosecurity firm CertiK estimates that the attacker made at least $251 million in Ethereum, nearly $47 million in Solana, and over $4 million in USDC, a stablecoin tied to the value of the US dollar, according to a CNBC report. It is possible to use a bridge like Wormhole to take an Ethereum token and lock it into an Ethereum contract that is on the other side of the bridge. 120,000 “wrapped” Ethereum tokens were created using a vulnerability on the Solana side of the Wormhole bridge, according to an investigation by CertiK. To keep its tokens safe, Wormhole says it will add Ethereum “over the next few hours,” but it is not clear how it plans to pay for this, according to the report cited above.
