Market

Wormhole Bridge exploit attack, loss of $322 million

The Wormhole Bridge Protocol has been hacked and there are mixed reports of total losses.

The total damage from the attack was 120,000 ETH, worth $322,952,400 at current prices, according to Wormhole.

The earliest reports put the damage of the attack at 80,000 ETH. Later, The Block’s Steven Zheng stated that the amount stolen was “more than 80,000 ETH” and estimated the damage of the attack at 93,750 ETH ($256 million).

Source: Etherescan

But it seems that these smaller estimates do not take into account the stolen funds held on Solana as wETH.

A bridge protocol that allows assets to move across different blockchain protocols. When a user sends an asset from one chain to another, the bridge locks the asset and creates a wrapped version of the fund in the target chain.

Regardless of the amount stolen, it turned out to be one of the largest DeFi attacks in recent history. Other major attacks include a $611 million attack on the Poly network last August. Cream Finance and BadgerDAO were also stolen over $120 million in 2021.

Source: The Block

Still no clear explanation

The official wormhole Twitter account did not provide a detailed explanation of the attack, but said the network was “down for maintenance” as it investigates the attack and will provide updates.

https://twitter.com/wormholecrypto/status/1488976115750383626?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

Wormhole developers attempted to contact the attacker via a blockchain message. Team members renewed a “white hat agreement” and offered a $10 million bounty for uncovering the attack strategy and returning the stolen funds.

This announcement also said that an attacker could generate new tokens by mining Wormhole’s Solana VAA verification — the messaging system handled by adopting blockchains.

Ethereum creator Vitalik Buterin warned about the shortcomings of cross-chain bridges in early January and pointed out the security risks inherent in such protocols.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Best Cryptos to Buy in December 2024: Qubetics Presale Goes Ballistic as Ethereum and Quant Look to Build Momentum

Best Cryptos to Buy in December 2024: Qubetics ($TICS) presale explodes, Ethereum (ETH) eyes a…

1 hour ago

USDC and CCTP to launch on Aptos, with Stripe adding Aptos support in crypto products

Palo Alto, California, 21st November 2024, Chainwire

4 hours ago

Best Cryptos to Buy: Qubetics Set to Rise, Bitcoin Knocks at $100k Milestone, Avalanche to Release 1.67M Tokens

Best Cryptos to Buy: Qubetics presale rockets ahead, Bitcoin nears $100k, and Avalanche prepares to…

4 hours ago

Ike Goes Live on Mainnet: Unlocking Liquid Staking on Aleph Zero

London, United Kingdom, 21st November 2024, Chainwire

5 hours ago

Native USDC on Aptos Coming Soon to Boost DeFi and P2P Transactions

The move will see developers utilize USDC on Aptos in creating dApps on a wide…

5 hours ago

Coinshift Launches csUSDL, Announces Strategic Partnerships

Abu Dhabi, UAE, 21st November 2024, Chainwire

5 hours ago

This website uses cookies.