HomeCoinsEthereum (ETH)Wormhole replenishes its blockchain bridge after $325 million exploit

Wormhole replenishes its blockchain bridge after $325 million exploit

- Advertisement -


UPDATE: (10:30 am ET): Two sources with knowledge of the process tell The Block that Jump provided the funding to replenish Wormhole’s reserves.

This is a developing story and will be updated with more information.


Original report: 

Wormhole, a cross-chain protocol that suffered a $325 million exploit on Wednesday, has replenished its reserves. 

“ETH contract has been filled and all wETH are backed 1:1,” Wormhole tweeted Thursday. “The Portal (token bridge) is back up.” Wormhole said it is working on a detailed incident report and will share it soon.

Wormhole lost 120,000 ether (ETH) in crypto’s fourth-largest and DeFi’s largest heist of all time. Wormhole’s failure to validate “guardian” accounts allowed the attacker to mint around $325 million worth of ETH out of thin air, according to blockchain analytics firm Elliptic.

“Wormhole didn’t properly validate all input accounts, which allowed the attacker to spoof guardian signatures and mint 120,000 ETH on Solana, of which they bridged 93,750 back to Ethereum,” Samczsun, a noted white-hat hacker, explained in a tweet. 

It is unclear at present how Wormhole restocked its ETH contract since the attacker hasn’t returned funds to the protocol. Wormhole offered the attacker a $10 million bounty to return the funds.

Some have speculated that Wormhole, developed by Certus One, may have received assistance from Jump, a trading firm that last August acquired the blockchain infrastructure firm for an undisclosed amount. Wormhole was also mentioned in Jump’s announcement of Jump Crypto, a dedicated crypto-focused team, describing the latter as “founding code contributors” to Wormhole.

The Block reached out to Jump for comment and will update this report should we hear back.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.





Source link

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,580FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 22,991.16
ethereum
Ethereum (ETH) $ 1,694.24
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 141.65
litecoin
Litecoin (LTC) $ 61.01
eos
EOS (EOS) $ 1.23
okb
OKB (OKB) $ 18.36
tezos
Tezos (XTZ) $ 1.88
leo-token
LEO Token (LEO) $ 4.93
cardano
Cardano (ADA) $ 0.513107
monero
Monero (XMR) $ 160.97
stellar
Stellar (XLM) $ 0.121993
chainlink
Chainlink (LINK) $ 7.82
huobi-token
Huobi (HT) $ 4.36
tron
TRON (TRX) $ 0.069593
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 52.70
neo
NEO (NEO) $ 11.47
iota
IOTA (MIOTA) $ 0.341854
nem
NEM (XEM) $ 0.052311
zcash
Zcash (ZEC) $ 67.85
maker
Maker (MKR) $ 1,088.67
paxos-standard
Pax Dollar (USDP) $ 0.998697
ethereum-classic
Ethereum Classic (ETC) $ 38.15
vechain
VeChain (VET) $ 0.031
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX (FTT) $ 30.46
kucoin-shares
KuCoin (KCS) $ 10.51
waves
Waves (WAVES) $ 6.14