HomeAltcoinCross-Chain Crypto Platform Hacked for Staggering $320,000,000 Value of Ethereum (ETH)

Cross-Chain Crypto Platform Hacked for Staggering $320,000,000 Value of Ethereum (ETH)

A Solana-based blockchain bridge has been hacked to the tune of $320,000,000 value of main altcoin Ethereum (ETH).

Wormhole, a cross-chain platform that enables customers to switch crypto belongings between totally different blockchains, took to Twitter to verify the hack to its 41,000 subscribers.

“The Wormhole Community was exploited for 120,000 Wrapped Ethereum (wETH).

ETH will likely be added over the subsequent hours to make sure wETH is backed 1:1.”

In keeping with the interoperable blockchain, the vulnerability is now patched, which means that each one wrapped Ethereum (wETH), the ERC-20 suitable model of ETH, is as soon as once more backed 1:1, and the token bridge is again up and working.

“All funds have been restored and Wormhole is again up.

We’re deeply grateful on your assist and thanks on your persistence.”

After the hack happened, a Wormhole consultant sprung to motion and despatched a message to the fraudster, providing a whitehat settlement which might change a bounty of $10 million for the tokens they stole and data on how they managed to use Wormhole’s system.

“We seen you had been capable of exploit the Solana VAA verification and mint tokens. We’d wish to give you a whitehat settlement, and current you a bug bounty of $10 million for exploit particulars, and returning the wETH you’ve minted.”

Ethereum search engine EtherScan was capable of monitor about half of the tokens stolen by the scammer. One transaction noticed 80,000 wETH despatched to the unhealthy actor, who glided by the identify “Wormhole Community Exploiter.”

Ethereum is exchanging fingers at $2,618 at time of writing, an 11% enhance from its seven-day low of $2,353.

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Featured Picture: Shutterstock/Timofeev Vladimir



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