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News

Oasis “Hacked Itself” To Recoup $140 Million In Wormhole Attack Damage

February 25, 2023 - Around 3 mins mins to read
Key Points:
  • The project specializes in building vaults that borrow money and pay interest, with connections to MakerDAO and DAI, and is believed to have successfully retrieved 120,000 ETH worth $140 million.
  • Oasis’ moves are making quite a stir in the crypto world on Twitter, with many claiming that they will create a hazardous precedent that would jeopardize the blockchain’s immutability.
According to reports, Oasis assisted the Jump Crypto investment fund in recovering $140 million in ETH lost in the Wormhole bridge attack in February 2022.
Oasis "Hacked Itself" To Recoup $140 Million In Wormhole Attack Damage

Based on a release made on the morning of February 25, Oasis – a project specializing in constructing vaults to borrow money and earn interest with ties to MakerDAO and DAI – announced it had successfully retrieved 120,000 ETH, which was worth $140 million at the time. Make the item from the Wormhole bridge attack and give it back to the former owner. Importantly, this unit claims to have been directed by the Supreme Court of England and Wales to exhaust all options for recovering the money.

The Wormhole bridge connecting Solana to Ethereum was hacked in February 2022, leading in the loss of up to 120,000 ETH, which was worth $325 million at the time. Within a few hours after the breach, the Jump Crypto investment fund that sponsored Wormhole said that it will spend money to repair all of the damage.

Oasis disclosed that around the end of January 2023, an attacker utilized their vault solution and multisig wallet to store dirty assets before engaging in liquid staking ETH. On February 16, 2023, Oasis was reported by a white hat hacker to have discovered a flaw related to the design of access to multisig, and decided to use 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 Feb. 21.

Oasis "Hacked Itself" To Recoup $140 Million In Wormhole Attack Damage

The recovered funds have been remitted to a “approved third party,” most likely Jump Crypto. “We wish to underline that the aforementioned step is only for the purpose of protecting user interests in the case of an attack, allowing us to promptly repair the flaw,” Oasis added. Thus far, there have been no reports of unlawful access to user assets on Oasis.”

Nevertheless, Oasis’ moves are sparking significant debate in the crypto world on Twitter, with many claiming that they will create a hazardous precedent that threatens the immutability of the blockchain as well as the possibility of the DeFi project. The legislation forces you to conduct the aforementioned “self-hacking” behaviors.

Not to add that the wallet offered by Oasis should have been a non-custodial wallet because the user retains the private key and has complete authority, implying that this unit cannot act unilaterally in this manner.

Wormhole and Jump have yet to issue an official comment on the event.

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

Chubbi

Coincu News

News

Oasis “Hacked Itself” To Recoup $140 Million In Wormhole Attack Damage

Key Points:
  • The project specializes in building vaults that borrow money and pay interest, with connections to MakerDAO and DAI, and is believed to have successfully retrieved 120,000 ETH worth $140 million.
  • Oasis’ moves are making quite a stir in the crypto world on Twitter, with many claiming that they will create a hazardous precedent that would jeopardize the blockchain’s immutability.
According to reports, Oasis assisted the Jump Crypto investment fund in recovering $140 million in ETH lost in the Wormhole bridge attack in February 2022.
Oasis "Hacked Itself" To Recoup $140 Million In Wormhole Attack Damage

Based on a release made on the morning of February 25, Oasis – a project specializing in constructing vaults to borrow money and earn interest with ties to MakerDAO and DAI – announced it had successfully retrieved 120,000 ETH, which was worth $140 million at the time. Make the item from the Wormhole bridge attack and give it back to the former owner. Importantly, this unit claims to have been directed by the Supreme Court of England and Wales to exhaust all options for recovering the money.

The Wormhole bridge connecting Solana to Ethereum was hacked in February 2022, leading in the loss of up to 120,000 ETH, which was worth $325 million at the time. Within a few hours after the breach, the Jump Crypto investment fund that sponsored Wormhole said that it will spend money to repair all of the damage.

Oasis disclosed that around the end of January 2023, an attacker utilized their vault solution and multisig wallet to store dirty assets before engaging in liquid staking ETH. On February 16, 2023, Oasis was reported by a white hat hacker to have discovered a flaw related to the design of access to multisig, and decided to use 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 Feb. 21.

Oasis "Hacked Itself" To Recoup $140 Million In Wormhole Attack Damage

The recovered funds have been remitted to a “approved third party,” most likely Jump Crypto. “We wish to underline that the aforementioned step is only for the purpose of protecting user interests in the case of an attack, allowing us to promptly repair the flaw,” Oasis added. Thus far, there have been no reports of unlawful access to user assets on Oasis.”

Nevertheless, Oasis’ moves are sparking significant debate in the crypto world on Twitter, with many claiming that they will create a hazardous precedent that threatens the immutability of the blockchain as well as the possibility of the DeFi project. The legislation forces you to conduct the aforementioned “self-hacking” behaviors.

Not to add that the wallet offered by Oasis should have been a non-custodial wallet because the user retains the private key and has complete authority, implying that this unit cannot act unilaterally in this manner.

Wormhole and Jump have yet to issue an official comment on the event.

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

Chubbi

Coincu News