Jump Crypto Attack “Reverse” Hacker To Recover 120,000 Stolen ETH
Key Points:
- The 120,000 ETH stolen by the cross-chain Wormhole bridge in February of last year has been recovered.
- Oasis is an investment fund in Jump Crypto that took advantage of that error to “trick” the hacker’s wallet to transfer assets outside and get all the money back.
- After reviewing the DAI return for collateral, the net profit from counter-mining is around $140 million.
- However, through getting the money back, Jump Crypto and Oasis also received disagreement from the community about hacking themselves.
120,000 ETH was stolen by the cross-chain Wormhole bridge last year due to a hacking attack that was recovered by Jump Crypto three days ago.
Jump Crypto has partnered with MakerDao’s Oasis eco-product to attack an upgradable Oasis contract, transferring collateral and debt from the attacker’s vault to its vault, thereby obtaining the number of money stolen from the Wormhole hacker vault.
Oasis claims to have received an order from the High Court of England and Wales to recover assets from the wallet addresses involved in the February 2, 2022, Wormhole breach.
Oasis revealed that an attacker at the end of January 2023 used their vault solution and multisig wallet to store dirty funds and then engaged in liquid staking ETH after being reported by a white hat hacker to have discovered a flaw related to the design of access to multisig. On February 16, 2023, Oasis decided to take advantage of that bug to “trick” the hacker’s wallet into transferring assets out outside and got all the money back through a series of transactions made on February 21.
This is done using multi-signatures and third parties authorized by the court, as required by the court order. Assets are immediately transferred to a wallet controlled by a trusted third party, as the court directs.
Jump Crypto made a net profit of about $140 million through this attack.
According to previous news, in February of last year, Wormhole was hacked, and around 120,000 ETH was stolen, worth $325 million. Then, Jump Crypto announced that they invested 120,000 ETH in Wormhole to cover the stolen loss.
However, Oasis’s decisions are causing great controversy in the crypto community on Twitter, arguing that it will set a dangerous precedent that threatens the immutability of the blockchain and for the DeFi project to be possibly pressured by the law to perform the above “self-hacking” actions.
Not to mention that the wallet provided by Oasis should have been non-custodial because the user holds the private key and has complete control, which means that this unit cannot unilaterally intervene like that.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
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Jump Crypto Attack “Reverse” Hacker To Recover 120,000 Stolen ETH
Key Points:
- The 120,000 ETH stolen by the cross-chain Wormhole bridge in February of last year has been recovered.
- Oasis is an investment fund in Jump Crypto that took advantage of that error to “trick” the hacker’s wallet to transfer assets outside and get all the money back.
- After reviewing the DAI return for collateral, the net profit from counter-mining is around $140 million.
- However, through getting the money back, Jump Crypto and Oasis also received disagreement from the community about hacking themselves.
120,000 ETH was stolen by the cross-chain Wormhole bridge last year due to a hacking attack that was recovered by Jump Crypto three days ago.
Jump Crypto has partnered with MakerDao’s Oasis eco-product to attack an upgradable Oasis contract, transferring collateral and debt from the attacker’s vault to its vault, thereby obtaining the number of money stolen from the Wormhole hacker vault.
Oasis claims to have received an order from the High Court of England and Wales to recover assets from the wallet addresses involved in the February 2, 2022, Wormhole breach.
Oasis revealed that an attacker at the end of January 2023 used their vault solution and multisig wallet to store dirty funds and then engaged in liquid staking ETH after being reported by a white hat hacker to have discovered a flaw related to the design of access to multisig. On February 16, 2023, Oasis decided to take advantage of that bug to “trick” the hacker’s wallet into transferring assets out outside and got all the money back through a series of transactions made on February 21.
This is done using multi-signatures and third parties authorized by the court, as required by the court order. Assets are immediately transferred to a wallet controlled by a trusted third party, as the court directs.
Jump Crypto made a net profit of about $140 million through this attack.
According to previous news, in February of last year, Wormhole was hacked, and around 120,000 ETH was stolen, worth $325 million. Then, Jump Crypto announced that they invested 120,000 ETH in Wormhole to cover the stolen loss.
However, Oasis’s decisions are causing great controversy in the crypto community on Twitter, arguing that it will set a dangerous precedent that threatens the immutability of the blockchain and for the DeFi project to be possibly pressured by the law to perform the above “self-hacking” actions.
Not to mention that the wallet provided by Oasis should have been non-custodial because the user holds the private key and has complete control, which means that this unit cannot unilaterally intervene like that.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
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