Mo.bi - Crypto Currency Tracker logo Mo.bi - Crypto Currency Tracker logo
NewsBTC 2022-02-03 15:15:27

Wormhole Token Bridge Lost $321M In Crypto Heist

Wormhole token bridge that links the Ethereum and Solana blockchains, seemingly an unimportant piece of tech for its function, lost over $321 million Wednesday afternoon. This is the largest attack to date on Solana. A competitor to Ethereum that’s progressively gaining grip in the non-fungible token (NFT) and DeFi ecosystems. The $600 million Poly Network crypto heist was bigger, but it involved cryptocurrencies rather than blockchain technology, which may explain why critics call this new development “pretty historic.” The heist occurred on Solana’s side. The discovery of a vulnerability on the Solana side has raised concerns that it could be similarly vulnerable to Wormhole’s bridge. The Wormhole team announced that they would replenish the Ethereum (ETH) supply to make sure wETH is backed 1:1, but it’s not clear where those funds come from or when. The assailant managed to hack into a smart contract and steal $321 million worth of wETH. The heist happened at 6:24 pm UTC on February 2nd when 120,000 wETH were minted by an attacker who then redeemed 93,750 wETH for ETH, equivalent to $256 million. These funds allowed them to buy SportX (SX), Meta Capital (MCAP), Finally Usable Crypto Karma (FUCK) & Bored Ape Yacht Club Token (APE). With the remaining WETH swapped for USDS and SOL on Solana, the hacker now holds 432,662 SOL ($44 million) in Solana wallet. CertiK, a smart contract auditing firm, rep...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.